BY AGENCIES
Russian natural gas deliveries to European Union countries have dropped by 48% so far this year, with the decline totaling 49% if the United Kingdom is included, Russian gas giant Gazprom said on Wednesday.
Russian President Vladimir Putin on Wednesday threatened to cut off all energy supplies to the European Union if the bloc imposes a price cap on Russian gas, raising the risk of rationing in some of the world’s richest countries this winter.
Speaking at an annual economic forum in the far-eastern port city of Vladivostok, Putin scoffed at the EU plans for a cap on Russian oil and gas prices as a “stupid” idea that “will only lead to a hike in prices.”
“An attempt to limit prices by administrative means is just ravings, it’s sheer nonsense,” Putin said. “If they try to implement that dumb decision, it will entail nothing good for those who will make it.”
He warned that such a move by the EU would represent a clear breach of the existing contracts, saying that Russia could respond by turning off the faucets.
The Russian leader charged that Russia will easily find enough customers in Asia to shift its energy exports away from Europe. “The demand is so high on global markets that we won’t have any problem selling it,” he said.
European power costs have surged in the last year, driven by record gas prices as Russia curbed supply to Europe.
European governments have accused Moscow of using energy as “blackmail,” in retaliation for Western support for Ukraine after Russia’s invasion. Gazprom has blamed the cuts on Western sanctions and technical issues.
Daily Sabah