Russia warns the West of energy price caps

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The Ukraine conflict has caused EU customers to cut their purchases of Russian energy, while the G7 and EU try to cap Russian oil and gas prices.

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Before the EU imposed a price cap on Russian gas on Wednesday, President Putin threatened to limit supplies, warning the West it would freeze like a wolf's tail.

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The G7 wants to implement an oil price ceiling that would deny insurance, credit, and brokering to oil shipments priced over a yet-to-be-set price cap on crude and two oil products.

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Maria Zakharova, Russia's foreign ministry spokeswoman, said the West doesn't comprehend how such moves will affect their own countries, which will slip.

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Friday, Russia's senior legislator claimed the West's plans would fail and prices would rocket above their artificial price ceiling.

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Putin labels the West a U.S.-dominated coalition that wants to tie or destroy Russia. EU accuses Russia of energy sabotage.

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EU energy ministers gathered Friday to safeguard citizens from sky-high energy bills and prevent power utility collapses.

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Western attempts to punish the world's largest producer of oil, gas, gold, metals, coal, and lumber are difficult when China, India, and other customers continue to buy.

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Putin's plan to focus oil and gas supplies eastward is Russia's biggest energy strategy shift since the 1970s, when the Soviets built Siberian gas pipelines to Europe.

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Russia is the second-largest oil exporter after Saudi Arabia, the top natural gas exporter. Russia supplies 40% of Europe's gas and 30% of its oil.

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EU consumers have pledged to lessen their reliance on Russian energy, while Russia has closed three westward gas pipelines and rerouted oil exports eastward.

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Gazprom GAZP.MM has studied for years the potential of building the Power of Siberia 2 pipeline via Mongolia to China.

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Gazprom claims the proposed pipeline could deliver 50 bcm of natural gas a year, slightly less than Nord Stream 1, which links Russia to Germany under the BalticSea.

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The Power of Siberia pipeline from Russia to China debuted in 2019 with a 61 bcm/year capacity.

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