Putin says Russia may resume gas supply to Europe, refuses to comply with G7 price range

 Putin says Russia may resume gas supply to Europe, refuses to comply with G7 price range

• Ahead of the winter, European leaders are rushing to come up with a plan to tackle rising energy costs while maintaining sanctions on Russia.

Russian President Vladimir Putin has mentioned that Russia will not sell oil at a reduced price, after the Group of Seven (G7) announced that they would put a cap on the price of Russian oil sold around the world. President Putin also announced that Russia is ready to send resumed gas supplies to Europe via a link of the Nord Stream 2 pipeline to Germany under the Baltic Sea.

Ahead of the winter, European leaders are rushing to come up with a plan to tackle rising energy costs while maintaining sanctions on Russia.


More than half of the members of the block have insisted on a price cap.

But Putin said Russia "will not supply energy to countries that limit their prices". Referring to the price cap, he said that "by their reckless decisions, some Western politicians are destroying the global market economy and actually threatening the well-being of billions of people".

"Ordinary Europeans are suffering," Putin also said, "the population, as in the Middle Ages, has begun to stock up on firewood for the winter".

It should be noted that the cap by the G7 would prevent Russian cargo from selling oil that still exceeds the undefined G7 limit. As a result, Russia would be deprived of a significant portion of the oil revenues that it would otherwise earn without the cap.

Crude oil exports stood at EUR 113 billion in 2021, on top of EUR70 billion earned from refined products, such as gasoline and diesel, in 2021, according to Russia's central bank, Euronews reported.

Putin added his statement to a note, which noted that it was up to the EU to decide whether they wanted to take supplies from Russia. After the Nord Stream pipelines connecting Russia to Europe were damaged by explosions, Putin said the "ball was in the EU's court" to resume deliveries.

If they want, the taps can be turned on and that's it," Putin said.

Speaking at the Moscow Energy Forum, Putin attacked the US, saying the Nord Stream pipeline leak was an act of sabotage and 'international terrorism', which is likely to benefit the United States, Poland and Ukraine.

The Russian leader has repeatedly taunted the West by raising the prospect of sending gas via Nord Stream 2, a political nonstarter for the German government and others.

"The act of sabotage of Nord Streams 1 and 2 is an act of international terrorism aimed at undermining the energy security of the entire continent by blocking the supply of cheap energy," he said, accusing the US of importing Europe. wants to force. More expensive liquefied natural gas.

"Those who want to break ties between Russia and the European Union are behind the acts of sabotage on the Nord Stream," he said.