Vladimir Putin threatens to let Europe ‘freeze’ by reducing power provides if worth caps are imposed.
An all-out power warfare between Russia and the West threatens to deepen Europe’s power disaster, placing strain on governments to make interventions within the power market to rein in hovering costs.
But it surely additionally places the Kremlin’s revenues in danger and is supposed to stem the move of funds into its warfare coffers.
Moscow’s earnings from power exports are anticipated to rise by 38 p.c this yr. Western capitals say they wish to lower off that monetary lifeline. The G7 have agreed to cap the worth of Russian oil, and the European Union plans a cap on Russian fuel costs, too.
In response, the Russian president stated he’ll “freeze” European nations if the worth caps are imposed.
