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

Following the discussions in regards to 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 won’t provide the industrialized financial powers and the West with vitality. “We will not supply gas, oil, coal, heating oil — we will not supply anything,” Putin burdened 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 finally defeats the wolf with this tactic.

“We will not supply anything outside the contracts. We will not do anything that they try to force us to do,” Putin declared on Wednesday. “We will not supply gas, oil, coal, heating oil — we will not supply anything,” he added. “The only thing we can do is to keep on saying the line from a well-known Russian fairytale’—Freeze, freeze, the wolf’s tail.’”

Putin’s speech follows the report that claims Russia and Iran plan to set up a world gasoline cartel. In latest instances, the Russian gasoline 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 could be out of service indefinitely. However, statements made by Putin’s spokesman, Dmitry Peskov, quoted by Interfax, point out Moscow won’t be turning the gasoline 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 “stupid,” and he additional opined: “I’m sure we have not lost anything and will not lose anything. The main thing is strengthening our sovereignty, and this is the inevitable result of what is happening now.”

Meanwhile, the European Central Bank (ECB) president Christine Lagarde is expected to produce a jumbo-sized rate hike this week. Lagarde additionally blames local weather change for a few of Europe’s torrid inflation, which reached a lifetime excessive final 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 be aware that Europe’s central financial institution may hike the benchmark financial institution rate by 75 foundation factors. “As frontloaded hikes can have a bigger impact on inflation expectations than a more gradual approach, a [75bps] move could make sense,” Schmieding remarked on Wednesday.

At the Eastern Economic Forum’s plenary session, the Russian president stated if the G7 plans to implement worth caps, Russia won’t acknowledge any present contracts and stroll away from future gasoline provide offers.

“Will there be any political decisions that contradict the contracts? Yes, we won’t fulfill them. We will not supply anything at all if it contradicts our interests,” Putin stated.

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

Tags on this story
Berenberg Bank, Christine Lagarde, local weather change, Coal, ECB, ECB watcher, economics, Energy disaster, vitality costs, Europe, Europe inflation, Europe’s inflation, European Central Bank (ECB), Financial Sanctions, heating oil, Holger Schmieding, inflation, kremlin, Moscow, Nord Stream 1 (NS1) pipeline, OIL, Rising Inflation, Russia, Russian president, sovereignty, provide gasoline, Ukraine-Russia struggle, Vladimir Putin, western sanctions

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

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 5,700 articles for Bitcoin.com News in regards to the disruptive protocols rising in the present day.




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