If Europe sets a maximum price for Russian gas, Gazprom will turn off the gas tap. CEO Alexei Miller made that threat to the Russian state gas company.
“Such a unilateral decision would obviously conflict with existing contracts and would lead to the termination of deliveries.”
Last month, Russian President Vladimir Putin had already made a similar threat. He argued that if the West put maximum prices on Russian oil and gas, Russia would stop selling them.
The US is arguing for a maximum price for Russian oil and has won the G7 countries behind it. The European Union is considering a maximum price for gas, although it is not yet clear what form this will take.
Russia is the world’s second-largest oil exporter after Saudi Arabia. The country is also the largest gas exporter in the world. Shifts in supplies due to a boycott of Russian fossil fuels or a refusal by Russia to supply would create new turmoil in global markets.
As a result, oil and gas prices may also rise again.
