Vladimir Putin threatens to let Europe ‘freeze’ by chopping vitality provides if worth caps are imposed.
An all-out vitality conflict between Russia and the West threatens to deepen Europe’s vitality disaster, placing strain on governments to make interventions within the vitality market to rein in hovering costs.
Nevertheless it additionally places the Kremlin’s revenues in danger and is supposed to stem the circulate of funds into its conflict coffers.
Moscow’s earnings from vitality exports are anticipated to rise by 38 p.c this yr. Western capitals say they wish to minimize off that monetary lifeline. The G7 have agreed to cap the worth of Russian oil, and the European Union plans a cap on Russian fuel costs, too.
In response, the Russian president mentioned he’ll “freeze” European international locations if the worth caps are imposed.