Russia will stop oil, gas export to countries seeking price cap: Putin

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Russian President Vladimir Putin.
Avatar image of TRENDS Desk AFP
September 7, 2022 2:45 pm
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  • Facing growing isolation and deteriorating ties with the West, Moscow is seeking to pivot the country towards the Middle East, Asia and Africa
  • Putin told the Eastern Economic Forum that "no matter how much someone would like to isolate Russia, it is impossible to do this".
Moscow, Russia—Russia will stop delivering oil and gas supplies to countries that introduce price caps, President Vladimir Putin said Wednesday.
Capping prices, as some Western countries are considering, “would be an absolutely stupid decision,” Putin told the Eastern Economic Forum in the Pacific port city of Vladivostok.”We will not supply anything at all if it is contrary to our interests, in this case economic (interests),” he said. “No gas, no oil, no coal, no fuel oil, nothing.”

G7 industrialized powers on Friday vowed to move urgently towards implementing a price cap on Russian oil imports, in a bid to cut off a major source of funding for Moscow’s military action in Ukraine.

Putin said Russia would respect its contractual obligations and hoped other countries would do the same.

“Those who are trying to impose something on us are in no position today to dictate their will,” Putin said.

“They should come to their senses.”

Pointing to rising energy prices in Europe ahead of winter, Putin insisted Russia would supply nothing outside of existing contracts, quoting a Russian fairy tale: “Freeze, freeze, the wolf tail”.

“They have several solutions. Either subsidizing high prices, which is bad because it won’t change consumer behavior… or reduce consumption,” he said.

“From an economic point of view, it is correct. From a social point of view it is dangerous, it can lead to an explosion. It is better to adhere to contractual obligations, to civilized rules,” Putin said.

‘Impossible to isolate Russia’
President Putin also said Wednesday it was “impossible” to isolate Russia, as the country faces unprecedented Western sanctions over its military operation in Ukraine. 
“No matter how much someone would like to isolate Russia, it is impossible to do this,” Putin told the Eastern Economic Forum.
The coronavirus “epidemic has been replaced by other challenges, also of a global nature, threatening the whole world,” Putin said in televised remarks.”I mean the sanctions fever in the West, its undisguised aggressive attempts to impose behavior patterns on other countries, deprive them of their sovereignty and subordinate them to their will,” Putin added.Washington and Brussels have pummeled Moscow with a barrage of economic and personal sanctions after Putin sent troops into Ukraine on February 24.

Facing growing isolation and deteriorating ties with the West, Moscow is seeking to pivot the country towards the Middle East, Asia and Africa.

Speaking at the forum, Putin hailed the growing role of the Asia-Pacific region in global affairs.

“The role… of the countries of the Asia-Pacific region has significantly increased,” he said.

He added that partnerships in the region “will create colossal new opportunities for our people”.

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