Putin warns 'no gasoline, no oil' to international locations that cap costs | World News

Russia will cease delivering oil and gasoline provides to international locations that introduce value caps, President Vladimir Putin mentioned Wednesday.

Capping costs, as some Western international locations are contemplating, "can be a fully silly determination," Putin advised the Japanese Financial Discussion board within the Pacific port metropolis of Vladivostok.

"We is not going to provide something in any respect whether it is opposite to our pursuits, on this case financial (pursuits)," he mentioned. "No gasoline, no oil, no coal, no gasoline oil, nothing."

G7 industrialised powers on Friday vowed to maneuver urgently in the direction of implementing a value cap on Russian oil imports, in a bid to chop off a significant supply of funding for Moscow's army motion in Ukraine.

Putin mentioned Russia would respect its contractual obligations and hoped different international locations would do the identical.

"Those that are attempting to impose one thing on us are in no place right this moment to dictate their will," Putin mentioned.

"They need to come to their senses."

Pointing to rising vitality costs in Europe forward of winter, Putin insisted Russia would provide nothing exterior of present contracts, quoting a Russian fairy story: "Freeze, freeze, the wolf tail".

"They've a number of options. Both subsidising excessive costs, which is unhealthy as a result of it will not change shopper behaviour... or scale back consumption," he mentioned.

"From an financial standpoint, it's right. From a social standpoint it's harmful, it might result in an explosion. It's higher to stick to contractual obligations, to civilised guidelines," Putin mentioned.