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Gazprom CEO says gas price cap would lead to supply halt

Stock Markets Oct 16, 2022 05:00AM ET
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2/2 © Reuters. FILE PHOTO: Gazprom Chief Executive Alexei Miller attends a meeting with Russian President Vladimir Putin at the Kremlin in Moscow, Russia March 12, 2019. Sputnik/Alexei Nikolsky/Kremlin via REUTERS 2/2
 
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MOSCOW (Reuters) - Gazprom (MCX:GAZP) CEO Alexei Miller on Sunday said plans to cap the price of Russian gas exports would cause supplies to be halted, echoing a similar threat from President Vladimir Putin.

The conflict in Ukraine has prompted European Union customers to reduce their purchases of Russian energy while the G7 and the EU are trying to impose a price cap on Russian oil and gas.

"Such a one-sided decision is of course a violation of existing contracts, which would lead to a termination of supplies," Miller said in comments broadcast on state television.

President Vladimir Putin last month threatened to cut off energy supplies if price caps were imposed, warning the West it would be "frozen" like a wolf's tail in a famous Russian fairy tale.

Cutting supplies from Russia, the world's second-largest oil exporter after Saudi Arabia and the world's top natural gas exporter, would roil global energy markets, leaving the world economy facing even higher energy prices.

Gazprom CEO says gas price cap would lead to supply halt
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Comments (5)
paturi naveen
paturi naveen Oct 17, 2022 2:43AM ET
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Russia and Saudi Arabia ,most is exported as internal consumption is less compared to huge exports.My problem is why is Russian Dictator Putin and Saudi Prince Salman are so much against Europe to face Cold winter with less natural gas and crude Petroleum,particularly to make Democrat President lose control of US Congress and Senate and make President Biden a powerless dummy puppet and Republicans making decisions of US under Donald Trump and OPEC+23 going against Demcrats vindictively as Crude oil production cuts could have been taken a month later or in December,2022 rather than Nov,1,2022 just before US comgress and Senate elections in first week november
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deeeeeez nuttttzzzzFJB
deeeeeez nuttttzzzzFJB Oct 16, 2022 8:43AM ET
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Russia isn't going broke anytime soon. they have large amounts of oil. and unlike the US, they drill and are energy producers instead of energy beggers. they will sell to Asia and India, Europe will freeze and the US will waive its finger with blood all over it. check mate
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Tom Westerholm
Tom Westerholm Oct 16, 2022 8:43AM ET
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Not to mention they've internalized much of their ecomorry.
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paturi naveen
paturi naveen Oct 16, 2022 8:43AM ET
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Russia and Saudi Arabia ,most is exported as internal consumption is less compared to huge exports.My problem is why is Russian Dictator Putin and Saudi Prince Salman are so much against Europe to face Cold winter with less natural gas and crude Petroleum,particularly to make Democrat President lose control of US Congress and Senate and make President Biden a powerless dummy puppet and Republicans making decisions of US under Donald Trump and OPEC+23 going against Demcrats vindictively as Crude oil production cuts could have been taken a month later or in December,2022 rather than Nov,1,2022 just before US comgress and Senate elections in first week november
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Mike Wellons
Mike Wellons Oct 16, 2022 8:43AM ET
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US is largest producer of oil in the world. Obviously, you are a misinformation provider.
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gab nea
gab nea Oct 16, 2022 7:56AM ET
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like Republicans, russians lie incessantly, why would anyone believe liars?
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Phil Davis
Phil Davis Oct 16, 2022 7:56AM ET
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you obviously don't understand markets, economic, or Geo political issues. you write what CNN teaches you.
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gab nea
gab nea Oct 16, 2022 7:55AM ET
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more threats from the cornered rats!
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jason xx
jason xx Oct 16, 2022 7:51AM ET
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Good russia will go broke and they already violated the contracts.
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