Home Latest News Putin lambasts West over sanctions and renew threats on gas supplies

Putin lambasts West over sanctions and renew threats on gas supplies

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Russian President Vladimir Putin on Wednesday referred to as Western sanctions “silly” and threatened to halt all power gross sales to Russia’s critics in the event that they transfer ahead with a cap on oil costs proposed by the Group of Seven industrialized financial powers.

“We won’t provide fuel, oil, coal, heating oil — we won’t provide something,” Putin mentioned in a defiant speech on the plenary session of the Jap Financial Discussion board, which was being held within the metropolis of Vladivostok in Russia’s Far East. Putin added that Moscow will let “the wolf’s tail freeze” in reference to a well-known Russian fairy story.

However within the West’s personal defiant rejoinder, European Fee President Ursula von der Leyen on Wednesday reiterated that the European Union intends to interrupt Russia’s grip on international power markets and would press forward with caps on each oil and pure fuel costs.

“Not solely as a result of Russia is an unreliable provider, as we’ve witnessed within the final days, weeks, months, but additionally as a result of Russia is actively manipulating the fuel market,” von der Leyen informed reporters in Brussels. “I’m deeply satisfied that with our unity, our willpower, our solidarity, we’ll prevail.”

Russia’s Gazprom says it won’t reopen Nord Stream gas pipeline to Europe as planned

In his combative, at occasions scornful, remarks, Putin mentioned he expects his nation to emerge stronger from the battle in Ukraine, and he issued threats meant to stress the West to ease sanctions imposed on Russia since its invasion started Feb. 24.

“I’m positive we’ve not misplaced something and won’t lose something,” Putin mentioned. “The principle factor is strengthening our sovereignty, and that is the inevitable consequence of what’s occurring now.”

Putin declared that Russia would press on with its army motion in Ukraine, and he mentioned “the polarization” produced by the battle would solely profit Russia because it cleanses “dangerous” parts contained in the nation.

Russian President Vladimir Putin mentioned Sept. 7 that Russia had gained, not misplaced, from the battle in Ukraine as a result of it was embarking on a brand new sovereign path. (Video: Reuters)

Western intelligence businesses estimate that Russia has misplaced tens of hundreds of troopers within the six-plus months of the battle and an enormous quantity of army tools that the nation is struggling to exchange. The Russian marketing campaign has stalled in latest weeks, and Ukraine, though nonetheless closely outmatched, is mounting counteroffensives within the south and the jap Donbas area aimed toward recapturing occupied territory.

As punishment for the Russian invasion, which initially sought — and failed — to seize the capital of Kyiv and topple the federal government of President Volodymyr Zelensky, Western powers have imposed a unprecedented barrage of financial sanctions and export management measures aimed toward crippling Russia’s economic system. However the outcomes have fallen in need of expectations as power costs soared and Russia redirected gross sales of fuel and oil to Asia.

Talking on Wednesday, Putin referred to as the value caps on oil and fuel proposed by the G-7 “silly” and mentioned they might solely additional destabilize European economies. He additionally threatened that Russia would stroll away from the prevailing provide contracts if the caps took impact.

“Will there be any political choices that contradict the contracts? Sure, we received’t fulfill them. We won’t provide something in any respect if it contradicts our pursuits,” Putin mentioned, underscoring Moscow’s flip towards Asian markets.

Western sanctions are wounding but not yet crushing Russia’s economy

On Friday, Gazprom, the Russian state-owned fuel behemoth that operates vital pipelines supplying Europe, indefinitely halted the movement to Germany by way of the Nord Stream 1 pipeline, which accounted for about 35 % of all European fuel imports from Russia final yr.

In an additional ominous growth, Russian officers and pro-Kremlin Telegram channels this week have broadly shared a video purportedly exhibiting Europe freezing in winter. The clip reveals a Gazprom worker strolling towards a turned-off fuel valve, adopted by scenes of a snow-covered metropolis. On-line sleuths recognized the frozen metropolis as Krasnoyarsk in Siberia, which doesn’t use pure fuel however suffers from air air pollution on account of coal-fired energy vegetation.

In his speech, Putin rejected the E.U. accusation that Russia is utilizing power as a weapon, and he reiterated Russia’s prior assertion that technical issues triggered the pipe to interrupt down, complaining that the West was not offering a crucially wanted turbine to restore it.

“Nord Stream 1 is virtually closed now,” Putin mentioned Wednesday. “There may be an oil leak there — it’s a presumably explosive scenario, a hearth hazard. … Give us a turbine, and we’ll activate Nord Stream 1 tomorrow. However they don’t give us something.”

Putin, nevertheless, craftily supplied that Moscow was able to “press the button” and pump fuel “as early as tomorrow” by way of the Nord Stream 2 pipeline, which Germany has blocked from starting operation, a lot to the Kremlin’s fury.

The Russian chief additionally dangled restrictions on one other essential European import over which Moscow has leverage: grain.

Putin claimed that a lot of the grain just lately launched from Ukrainian ports because of a Turkey-brokered deal to finish a Russian blockade was going to the European Union as an alternative of creating nations.

Accusing the West of “colonial” habits, Putin mentioned grain shipments to Europe must be minimize off.

“As soon as once more, they merely deceived the creating nations and proceed to deceive them. … With this strategy, the size of meals issues on this planet will solely develop,” Putin mentioned. “Perhaps we must always take into consideration proscribing that route for grain and commerce meals? I’ll positively seek the advice of with the Turkish president.”

G-7 nations say they will cap the price of Russian oil

Putin scoffed at options that the impression of Western sanctions would devastate the Russian economic system, noting that it will contract solely by “round 2 % or just a little extra” and that Russia’s 2022 finances could be in surplus.

“Russia is dealing with the financial, monetary and technological aggression of the West,” Putin mentioned. “We have now handed the height of essentially the most difficulties, and the scenario is normalizing.”

These assessments contradicted Russian policymakers on the Financial institution of Russia and the Ministry of Financial Growth, which just lately mentioned that whereas the economic system has held up higher than anticipated up to now, 2023 may very well be far more difficult as the results of extra sanctions are felt.

“Irrespective of how a lot somebody desires to isolate Russia, it’s not possible to do,” Putin mentioned. “You simply want to have a look at the map.”

The Jap Financial Discussion board, which is held yearly in Vladivostok to advertise funding alternatives in Russia’s Far East, boasted few Western company this yr.

At Wednesday’s plenary, Putin sat subsequent to Myanmar’s junta chief, Min Aung Hlaing, who has been sanctioned by the USA for human rights violations. In August, Myanmar introduced it deliberate to import oil from Russia, and this week, Min Aung Hlaing informed Putin that the nation was ready to pay for the imports in Russian rubles.

China’s high legislator, Li Zhanshu, and high-ranking officers from Armenia and Mongolia additionally attended the discussion board. Russia’s ambassador to Beijing, Andrey Denisov, introduced Wednesday that Putin was set to fulfill Chinese language President Xi Jinping on the sidelines of a summit in Uzbekistan subsequent week, of their first face-to-face encounter because the invasion of Ukraine.



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