Putin: No energy supplies if West imposes price caps

Vladimir Putin

Russia's President Vladimir Putin on Wednesday threatened to cut off energy supplies if price caps are imposed on Russia's oil and gas exports, warning the West it would be "frozen" like a wolf's tail in a famous Russian fairy tale.

Cutting supplies from Russia, the world's second largest oil exporter after Saudi Arabia and the world's top natural gas exporter, would roil global energy markets, leaving the world economy facing even higher energy prices. Speaking at an economic forum in Russia's Pacific city of Vladivostok, Putin said European calls for a price cap on Russian gas were "stupid", and would lead to higher global prices and economic problems in Europe.

The Group of Seven (G7) wealthy democracies announced plans to impose a price cap on Russian oil exports last week in a move that could also restrict Russia's ability to secure tankers and insurance from countries beyond the G7. Russia would walk away from its supply contracts if the West went ahead with its plans, Putin said.

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