While speaking at the Eastern Economic Forum in Vladivostok on Wednesday, Russian President Vladimir Putin slammed the European Union’s (EU) decision to put a price cap on Russian oil, calling it “another stupidity, another non-market decision that has no prospects” and saying the European Commission is responsible for the current energy crisis.
“We have always insisted that prices be formed on the basis of long-term contracts and be tied to such a market category as prices for oil and oil products,” Putin said, declaring, “We will not supply gas, nor oil, nor coal, nor fuel oil… if it contradicts our interests.”
Russian President Vladimir Putin says G7 oil price cap "would be an absolutely stupid decision"
— Javier Blas (@JavierBlas) September 7, 2022
"We will not supply anything at all if it is contrary to our interests, in this case economic [interests]," he said. "No gas, no oil, no coal, no fuel oil, nothing."#EnergyCrisis
He also pointed out that the “West’s sanctions fever, its undisguised, aggressive attempts to impose models of behaviour on other countries, deprive them of their sovereignty and subdue them to their will,” which has been pursued by the “collective West” for decades is a threat to the whole world. Putin blamed the “waning dominance of the United States in the global economy and politics, as well as the stubborn unwillingness or even inability of the Western elites to recognise objective facts [has] acted as a catalyst for these processes.”
Despite foreign companies shutting down operations in Russia, Putin insisted that Russia’s economy was still expected to rally, with its current inflation rate of over 14% predicted to go down to 12% by this year and reach less than 4% by the second quarter of 2023. However, he emphasised that inflation in the US (8.5%), Germany (7.9%), Belgium (9.9%), the Netherlands (12%), Latvia (20.8%), Lithuania (21.1%) and Estonia (25.2%) is still on the rise.
Russian propaganda goes into full swing, threatening Europe with a freezing winter. Putin moves to the next stage of hybrid warfare: disrupting the stability of European households. Don’t be misled, Russia’s cuts of gas supplies have nothing to do with sanctions. It’s pre-planned
— Oleg Nikolenko (@OlegNikolenko_) September 7, 2022
“With their short-sighted actions, Western officials have triggered a global inflation,” Putin noted, adding that despite the western sanctions imposed on Russia, its financial market had stabilised and the unemployment rate was at an all-time historical low of less than 4%. He also highlighted that the total cargo of the Russian seaports had “only slightly decreased” to 482 million tonnes in the first seven months of the year compared to 483 million tonnes last year. “No matter how much someone might like to isolate Russia, it is impossible to do it,” Putin underscored.
Putin also pointed to the falling rates of foreign currencies, saying that even the American dollar, euro, and pound sterling had become “unreliable and compromised” for transactions, storing reserves, and denominating assets. In this respect, he remarked that the Western countries’ “reckless” actions will “inevitably” result in a deadlock that “will have unpredictable consequences for the whole world.”
In this respect, Putin underscored the important role of the countries in the Asia-Pacific, the majority of which he said “reject the destructive logic of sanctions. Their business relations are focused on mutual advantage, cooperation, and the joint use of our economic capabilities to the benefit of our countries’ citizens.” He also highlighted that their GDP has been steadily increasing by about 5%, whereas the average GDP of the world is 3%, 2% in the US, and 1.2% in the EU. “The share of Asian economies in global GDP will grow from 37.1% in 2015 to 45% in 2027, and I am sure that this trend will persist,” he said.
Putin has just publicly confessed to the crime of aggression against Ukraine: “We did it consciously”. I once again call on all states: back the creation of the Special Tribunal for the Crime of Aggression Against Ukraine. The crime is in the plain sight. Justice must be served.
— Dmytro Kuleba (@DmytroKuleba) September 7, 2022
While responding to questions about the impact of the ongoing Ukraine war, Putin stated, “I think that we have not lost anything, nor will we lose anything. As to our gains, I can say that primarily we have strengthened our sovereignty.” He justified the special military operation as a way to help the people of the Donbas region in eastern Ukraine, who were being subjected to genocide for eight years.
“I want to emphasise that this is an absolutely correct point – we did not start anything in terms of hostilities; we are only trying to end it,” Putin stressed, adding, “We did this consciously… This is our duty, and we will fulfil it to the end.”