Ready to resume gas supplies to Europe, will not sell oil at lower price cap: Vladimir Putin

Moscow, Oct 12: Russian President Vladimir Putin on Wednesday said Russia would not sell oil at a lower price cap and said a discussion by European leaders "a threat to the well-being of billions of people".

Speaking at the Russian Energy Week 2022 event at the Russia state-affiliated media - RT, Putin said, "I have to say that Russia will not act against our own benefit, we will not act to decrease our standing by providing oil or gas at lower prices. No, we will not succumb to this. We will not play by the rules others set and will not act to our detriment."

"With their cavalier decisions, some Western politicians are destroying the global market economy and are in fact posing a threat to the well-being of billions of people," Putin told an energy forum in Moscow.

"Russia will not sell oil at lower price cap," said Russian President Vladimir Putin, as reported by Russian Media RT.

Western countries are stepping up efforts to strip Russia of its largest source of income 'oil'.
As the war in Ukraine nears its eighth month with no resolution in sight, the West suspects the Kremlin is bankrolling the invasion with its profits from the continued sale of fossil fuels, which make up over 40 per cent of its budget, reported Euronews.

The cap by G7 would prevent Russian cargoes from selling oil that exceeds the stillundefined G7 limit.

As a result, Russia would be deprived of a significant portion of the oil revenues that it would otherwise earn without the cap.

According to Russia's central bank, crude oil exports accounted for Euro113 billion in 2021, on top of the Euro70 billion earned from refined products, such as gasoline and diesel, reported Euronews.

with agency inputs