- The Russian president believes that this measure "will only cause an increase in prices."

Russian President Vladimir Putin attending a plenary session of the Eastern Economic Forum (EEF) on September 7, 2022.

Putin considers the EU's initiative to limit gas prices "foolish"

Russian President Vladimir Putin on Wednesday called the European Union's (EU) plans to limit the price of Russian gas "foolishness" and a "futureless" initiative, arguing that it will only cause an increase in cost.

"It's nonsense. Attempts to limit the price of gas in Europe will only cause prices to rise," he said during his speech at the 7th Eastern Economic Forum in Vladivostok, the capital of the Russian Far East.

Putin blamed the dramatic price increase from 300 to 3,000 euros per thousand cubic meters of gas on European customers of the Russian consortium Gazprom, which offered them long-term fixed-price contracts, but Europe opted for the spot market.

"They themselves have created the problem and now they don't know what to do. They have cornered themselves in a sanctioning quagmire," he said.

He recalled that for decades the EU had a "competitive advantage" thanks to Russian hydrocarbons since it is much more profitable than liquefied natural gas from the United States. "If they want to give up that advantage, we are not outraged," he said.

Putin stressed that the European market is no longer "premium" and that even the US has begun to supply its gas to other regions.

"The European market has always been considered premium, but the situation in the world changes very quickly and not long ago, at the beginning of the crisis around Ukraine, it stopped being so," he said.

He stressed that Russia "has no problems" exporting its hydrocarbons, since "demand in world markets is very high" and gave China as an example, whose economy is growing at the same rate as its energy needs.

"We are willing to meet the growing demand of all those who want to work with us," he said.

He also denied using energy as a weapon against Europe. "Nord Stream is practically closed now and everyone says that Russia uses this as a weapon. It is nonsense and nonsense," he stressed.

He specified that it was Ukraine that cut a Russian gas line that passes through the country because "it cannot be controlled" due to the Russian military conflict, while Poland sanctioned the Yamal gas pipeline. "Who did it? They!" he added.

Nord Stream, closed

Last Friday Russia indefinitely suspended the flow of gas to Europe through the Nord Stream, which connects Russia with Germany below the Baltic Sea, after alleging an oil leak in the only turbine still in operation at the Portovaya compressor station, in the Leningrad region.

Putin maintained that all maintenance and repair work on the turbines is governed by British law, Gazprom CEO Alexei Miller explained to him.

He explained that the contract was not signed with the headquarters of Siemens Energy in Germany, but with its British subsidiary, which carries out the repairs in its workshop in Canada.

One of the turbines was recently repaired there and shipped to Germany from Canada, however, has not yet been returned to Russia.

Putin said that now the last turbine that was operational has also stopped because of the leak "and now they, the Europeans, say fix it."

"No, it is not a weapon, they themselves have been cornered by the sanctions," he stressed.

He also said that he was willing to resume the Nord Stream 2, but that this pipeline is also sanctioned.

Regarding this infrastructure, he assured us that Moscow is willing to open the gas tap through these pipes to Germany "tomorrow."

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