“If price restrictions are imposed on Russian oil and gas exports, the West will be frozen like a wolf’s tail in a Russian fairy tale,” Putin threatened at an economic forum in Vladivostok. Putin said European calls to cap the price of Russian gas were “stupid” and would only lead to higher global prices and new economic problems in Europe.

We recall that G7 members have already announced their plans to introduce a ceiling on Russian oil exports, a move that could also limit Russia’s ability to secure tankers from countries outside the G7.

Russia would abandon its supply contracts – if the West goes ahead with its plans.