Putin labels G7 price ceiling on Russian energy ‘utterly stupid’

Russian President Vladimir Putin has sent a warning to the west over plans to implement a price ceiling on Russian energy imports, calling it an ‘utterly stupid decision.’ The G7 announced on Friday that they would attempt to deny Russia access to the means to export its energy, such as by denying shipping insurance, unless the commodities are being sold at a price at or below that agreed upon by a ‘broad coalition of countries’ (which notably does not include India or China, who are Russia’s main export markets). Putin, speaking at the Eastern Economic Forum, warned that Russia ‘will not supply anything at all if it goes against our interests,’ and that the West is ‘not quite in a position right now to impose their will upon us. They should know better.’

The Kremlin had previously warned against such a move, saying that ‘there can only be retaliatory measures.’