Gazprom Chairman Oleksiy Miller said on Sunday that plans to cap Russian gas export prices would lead to supply cuts, echoing a similar threat by President Vladimir Putin, Reuters reported.

The conflict in Ukraine has prompted European Union clients to cut their purchases of Russian energy, while the G7 and the EU are seeking to impose price caps on Russian oil and gas.

“Such a unilateral decision is, of course, a violation of existing contracts, which will lead to the cessation of supplies,” Miller said on state television.

The head of Russian energy giant Gazprom recently warned European countries about the consequences of a Russian power shutdown, saying there are “no guarantees” that Europe will survive this winter season based on current gas supplies, CNN reported.

Last month, President Vladimir Putin threatened to cut off energy supplies if price caps were imposed, warning the West that it would be “frozen” like the wolf’s tail in the famous Russian fairy tale.

A cut in supplies from Russia, the world’s second-largest oil exporter after Saudi Arabia and the largest exporter of natural gas, would disrupt global energy markets, forcing the global economy to face even higher energy prices.