Gazprom CEO Alexei Miller says gas price cap would lead to supply halt

Alexei Miller, Gazprom’s CEO, stated Sunday that plans to limit the price of Russian gas exports will cause supply to be halted. This is a similar threat to President Vladimir Putin.

While the EU and G7 are trying to place a price limit on Russian oil and gasoline, the conflict in Ukraine has caused European Union customers to cut their Russian energy purchases.

Miller stated in remarks broadcast on state TV that such a unilateral decision was a violation of existing contracts and would result in the termination of supplies.

Last month, President Vladimir Putin threatened to shut off energy supplies if price limits were imposed. He warned the West that it would be “frozen”, like a wolf’s tail from a Russian fairy tale.

Russia is the second largest oil exporter in the world after Saudi Arabia. It also happens to be the top natural gas exporter in the world. This would cause a roiling of global energy markets and lead to higher energy prices.

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