Alexei Miller, CEO of Gazprom GAZP.MM, said that proposals to control the price of Russian gas exports will result in a suspension of supplies on Sunday, repeating a similar threat from President Vladimir Putin.
While the G7 and the EU attempt to impose a price restriction on Russian oil and gas, the situation in Ukraine has caused clients in the EU to reduce their imports of Russian energy.
Miller stated in remarks aired on state television that “such a one-sided decision is obviously a violation of current contracts, which would lead to a termination of supply.”
Last month, President Vladimir Putin warned the West that if price controls were implemented, it would be “frozen” like the wolf’s tail in a well-known Russian folk tale. He also threatened to cut off energy supplies.
The world economy would be faced with significantly higher energy prices if supplies from Russia were cut off, which is the second-largest supplier of oil after Saudi Arabia and the top exporter of natural gas.
