President Vladimir Putin on Wednesday threatened to cut off energy supplies if price caps were placed on Russian oil and gas exports, warning the West that it would shiver in winter and freeze its tail like a wolf in a Russian fairy tale, Reuters reported.

Vladimir Putin has said that European calls to cap the price of Russian gas are “stupid” and will lead to higher world prices and economic problems in Europe.

Last week, the G7 announced plans to impose price caps on Russian oil exports, which could also limit Russia’s ability to obtain tankers and insurance from non-G7 countries.

Putin said on Wednesday that Russia would abandon its supply contracts if the West went ahead with its plans.

“Will there be political decisions that contradict the contracts? Yes, we will not implement them. We will not give anything at all if it is against our interests,” Putin said.

“We will not give gas, oil, coal, fuel for heating – we will not give anything. There is only one thing left for us: as in the famous Russian fairy tale, we will condemn the wolf’s tail to freeze.” “, a leader from the Kremlin.

Putin blamed the West for the failure of Nord Stream 1.

Russia is the world’s second oil exporter after Saudi Arabia, the world’s largest exporter of natural gas and wheat.

Normally, Europe imports about 40% of its gas and 30% of its oil from Russia.

Putin said that Germany and Western countries are to blame for the fact that the Nord Stream 1 gas pipeline is not working, and Ukraine and Poland independently decided to block other gas routes to Europe.

Europe is facing a fuel crisis and rising electricity bills after Gazprom completely halted gas supplies via Nord Stream 1 after it said it had discovered an engine oil leak during repair work.

Moscow says it will resume gas supplies after the turbine is restored

“Nord Steam 1 is now practically closed,” Putin said as he asked Germany to return the turbine for the pipeline’s Portova compressor station, which would allow Russia to resume pumping gas.

“The oil leak there is a potentially explosive situation, a fire hazard. The turbine cannot work. Give us a turbine and we will launch Nord Stream 1 tomorrow. But they are not giving us anything,” said the leader from the Kremlin.

Putin has said Moscow is ready to restore the crucial Nord Stream 1 gas pipeline to Germany as soon as the key turbine is returned to Russia after repairs.

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