WORLD Gazprom CEO warns gas price cap would cause supply termination

WORLD

Gazprom CEO warns gas price cap would cause supply termination

CGTN

10:03, October 18, 2022

Gazprom head Alexei Miller speaks on the sidelines of the St. Petersburg International Economic Forum in St. Petersburg, Russia, June 16, 2022. (Photo: CFP)

The Western countries' plans to set a price gap on Russian gas sales could lead to supplies being halted, Gazprom CEO Alexey Miller said in an interview on Sunday, according to Russia Today (RT).

"We rely on the contracts that have been signed. A unilateral decision of this kind is, of course, a violation of essential terms of the agreements, which would lead to a termination of supplies," Miller said.

Miller's comments echoed a similar warning from Russian President Vladimir Putin, who said last month that Russia would cut off energy supplies if price caps were imposed, RT reported.

Gas prices have soared since the Russia-Ukraine conflict began in February, prompting calls from EU countries for a price cap, although they disagree on its design.

G7 leaders also promised a price gap on Russian oil at a meeting on September 2.

U.S. Treasury Secretary Janet Yellen said the exact dollar level of a price cap on Russian oil had not yet been determined, Reuters reported on Saturday.

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