Russia: A ceiling on energy prices would be a disaster for the West

Shortly before the European Union announced a ceiling on the price of Russian gas yesterday, Wednesday, the Russian president Vladimir Putin threatened to cut off supply if such limits were imposed; warning the West that it will freeze like “the wolf’s tail” in a Russian fairy tale. The Group of Seven major industrialized countries want to impose a ceiling on the price of oil, which has yet to be defined.

Russian Foreign Ministry spokeswoman Maria Zakharova said Westerners did not understand that such measures would ultimately affect their own countries.

“The West as a whole does not understand: imposing a ceiling on the prices of Russian energy reimgs will lead to a slippery slope under its own feet,” Zakharova said.

The chairman of the State Duma, Russia’s lower house, said today that the West’s plans will fail and that prices will soar well beyond the artificially attempted price ceiling. “What G7 government officials call a price ceiling will become a price floor. The world market is not limited to seven countries,” wrote Vychislav Volodin, chairman of the State Duma, on his channel on the Telegram application.

Where will Putin send the energy?

The West’s efforts to punish the world’s largest producer of natural reimgs, from oil and gas to gold, metals, coal and timber, is no easy feat, especially when China, India and other consumers are still buying them.

Selling oil and gas to Europe is one of Russia’s main imgs of foreign exchange earnings after Soviet geologists discovered oil and gas in the Siberian marshes after World War II.

THE Russia it is the second oil exporting country in the world after Saudi Arabia, which is the world’s largest natural gas exporting country. Europe usually imports about 40% of its gas and 30% of its oil from Russia, APE-MPE reports, citing Reuters.

Since the war began, European Union member states have pledged to reduce their dependence on Russian energy, while Russia has cut or cut off supplies to three of its biggest gas pipelines to the West.

Russian President Putin says that if Western countries want to distance themselves from Russian energy, he will send it east to major economies such as China and India.