Putin Threatens to Let Europe ‘Freeze’ — Russian President Warns ‘We Will Not Supply Gas, Oil, Coal, Heating Oil’

Following the discussions regarding the inter-governmental political discussion board Group of Seven (G7) pledging to impose worth caps on crude oil and the European Commission speaking about fixing electrical energy costs, Russian president Vladimir Putin defined on Wednesday that Russia is not going to provide the industrialized financial powers and the West with vitality. “We is not going to provide fuel, oil, coal, heating oil — we is not going to provide something,” Putin harassed through the Eastern Economic Forum’s plenary session.

Putin to Europe: ‘Freeze, Freeze, the Wolf’s Tail’

Vladimir Putin defined that the Kremlin plans to let the wolf’s tail freeze, referring to Europe and the Russian fable the place a fox tips a wolf into freezing his tail, and the fox ultimately defeats the wolf with this tactic.

“We is not going to provide something exterior the contracts. We is not going to do something that they attempt to power us to do,” Putin declared on Wednesday. “We is not going to provide fuel, oil, coal, heating oil — we is not going to provide something,” he added. “The solely factor we will do is to maintain on saying the road from a widely known Russian fairytale’—Freeze, freeze, the wolf’s tail.’”

Putin saying the west goes to freeze like a wolf’s 🐺 tail this winter…

and sending markets into disarray

— Matthew Hall (@MJLH16) September 7, 2022

Putin’s speech follows the report that claims Russia and Iran plan to determine a worldwide fuel cartel. In current instances, the Russian fuel large Gazprom and the National Iranian Oil Company (NIOC) partnered by signing a memorandum of understanding (MoU).

Earlier this week, Gazprom explained the Nord Stream 1 (NS1) pipeline can be out of service indefinitely. However, statements made by Putin’s spokesman, Dmitry Peskov, quoted by Interfax, point out Moscow is not going to be turning the fuel again on till the West’s monetary sanctions are lifted.

Putin Says Western Sanctions Are ‘Stupid,’ Claims Russia ‘Has Not Lost Anything’

Putin remarked on Wednesday that Western sanctions are “silly,” and he additional opined: “I’m positive we’ve not misplaced something and won’t lose something. The fundamental factor is strengthening our sovereignty, and that is the inevitable outcome of what’s taking place now.”

Meanwhile, the European Central Bank (ECB) president Christine Lagarde is expected to provide a jumbo-sized fee hike this week. Lagarde additionally blames local weather change for a few of Europe’s torrid inflation, which reached a lifetime high last month. Most economists are tethering Europe’s financial points to the Ukraine-Russia struggle and the ongoing energy crisis.

“ECB watcher” and Berenberg Bank’s chief economist, Holger Schmieding, said in a analysis notice that Europe’s central financial institution might hike the benchmark financial institution fee by 75 foundation factors. “As frontloaded hikes can have an even bigger impression on inflation expectations than a extra gradual method, a [75bps] transfer might make sense,” Schmieding remarked on Wednesday.

Out of curiosity checked my vitality invoice and realised it has elevated by 35% and we aren’t even in winter but.

— David Alade (@DavidAlade__) September 7, 2022

At the Eastern Economic Forum’s plenary session, the Russian president stated if the G7 plans to implement price caps, Russia is not going to acknowledge any present contracts and stroll away from future fuel provide offers.

“Will there be any political choices that contradict the contracts? Yes, we received’t fulfill them. We is not going to provide something in any respect if it contradicts our pursuits,” Putin stated.

During the latter half of his speech, Putin denied the European Union’s accusations that stated Russia is “weaponising vitality provides.” The Russian president added that the West additionally failed to handle the technical points allegedly tied to the NS1 pipeline.

What do you consider Vladimir Putin’s speech regarding the West’s sanctions and the proposed G7 worth caps on crude? Let us know what you consider this topic within the feedback part beneath.