EU chief proposes cap on Russian gas following Putin 'no gas' threat
The European Union proposes a ban on Russian gas despite President Vladimir Putin warning the west that a cap on gas would result in Moscow halting energy supplies.
EU chief Ursula von der Leyen proposed that the bloc's 27 nations agree on placing a price cap on Russian gas imports.
Von der Leyen's decision comes as a means of imposing further sanctions on Russia as the West looks for more means of punishing the country over the Ukraine war.
"The objective here is very clear. We must cut Russia's revenues which (Russian leader Vladimir) Putin uses to finance this atrocious war against Ukraine," the president of the European Commission told reporters.
Just hours ago, President Putin said Russia would stop supplying oil and gas to countries that impose price ceilings.
Capping prices, as some Western countries are considering, "would be an absolutely stupid decision," Putin told the Eastern Economic Forum in the Pacific port city of Vladivostok.
The G7 industrialized nations pledged on Friday to work quickly to establish a price cap on Russian oil imports in order to cut off a key source of funding for Moscow's military activity in Ukraine.
Putin stated that Russia will honor its contractual responsibilities and hoped that other countries should follow suit.
In response to rising European energy prices ahead of winter, Putin stated that Russia would not deliver anything outside of current contracts.
"They have several solutions. Either subsidizing high prices, which is bad because it won't change consumer behavior... or reduce consumption," he said.