Russia threatens oil and gas shutdown as West seeks energy price cap

Russian officials on Friday threatened to halt all oil and gas imports to Europe if major Western countries go ahead with plans to implement energy price caps.

The angry reaction from Moscow came when the G7 group of developed countries said in a statement that they were “urgently” seeking a price cap on Russia’s oil. President of the European Commission Ursula von der Leyen He called for a price cap on Russian pipeline gas.

Former President of Russia Dmitry Medvedev Said On Friday, in a telegram, Russia said it would block all oil and gas deliveries to Europe this winter if the cap was put in place.

“It’s time for the EU to impose a price cap on pipeline gas from Russia,” Aunt Von der said, her name is Leyen. It will be the same as oil. No more Russian gas in Europe. would,” posted Medvedev, deputy chairman of Russia’s influential Security Council.

and Kremlin spokesman Dmitry Peskov Said “A company that imposes a price cap will not be the beneficiary of Russian oil,” a reporter on Friday said.

Energy sales are Russia’s biggest source of income, and revenues from oil and gas exports have risen dramatically this year despite the war in Ukraine and Western sanctions as prices for both commodities have skyrocketed. .

The G7 said on Friday it would move toward setting a price cap on Russian oil imports to prevent Moscow from reaping huge profits from soaring energy prices, but did not specify the level of the cap.

Finance ministers from the Group of Seven (G7) countries said in a statement that they would “immediately work toward finalization and implementation” of the measures.

German Finance Minister Christian Lindner said at a press conference: “Russia has benefited economically from the uncertainty in its energy markets caused by the war, and has benefited greatly from its oil exports. I want to stand firm,” he said.

The G7 countries “want to limit Russia’s revenues and reduce the economic damage to our society,” Lindner added.

early in the day, European Commission President Ursula von der Leyen said Russia’s attempts to manipulate energy markets meant that Russian gas should also be subject to price limits.

“We are convinced that the time has come to set a price cap for pipeline gas from Russia to Europe,” said Reuters news agency von der Leyen. report.

AFP contributed to the report. Russia threatens oil and gas shutdown as West seeks energy price cap

Back to top button