The European Union pushed ahead with its plan to introduce a price cap on Russian gas despite President Vladimir Putin threatening to cut off all energy supplies to the EU, stoking fears of winter fuel shortages in Europe.
What Happened: "We will propose a price cap on Russian gas... We must cut Russia's revenues which Putin uses to finance this atrocious war in Ukraine," the European Commission President Ursula von der Leyen said, Reuters reported.
The bloc chief said it was also considering measures, including a mandatory EU cut in electricity use and a ceiling on the revenue of non-gas power generators. The EU energy ministers are due to hold an emergency meeting on Friday.
The escalating standoff between the West and Russia over the latter's invasion of Ukraine is expected to further drive up sky-high European gas prices. Brussels has often accused the Kremlin of weaponizing energy supplies in retaliation for Western sanctions. At the same time, Putin's government has also blamed those sanctions for causing gas supply problems.
This came after the Russian President, on Wednesday, warned that his country would discard the contract in the event of price caps. "We will not supply anything at all if it contradicts our interests," Putin said at an economic forum.
"We will not supply gas, oil, coal, heating oil – we will not supply anything," he said.
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