Despite threats from President Vladimir Putin, the executive body of the European Union (EU) has proposed a plan to cap energy prices from Russia.
The fallout from Russia's invasion of Ukraine has sent energy prices skyrocketing, forcing 27 EU member states to act.
European Commission Ursula von der Leyen insists that they need to reduce Russian income used to finance the war in Ukraine.
Not only that, but the G7 countries recently also expressed their agreement to impose limits on Russian oil prices.
As a result, President Putin has threatened to completely cut off energy supplies to countries that support price caps on their exports.
Speaking at the annual economic forum in Vladivostok on Wednesday, Putin slammed EU plans to cap Russian oil and gas prices as a "stupid" idea that would only lead to higher prices.
He also warned that the move would mean the EU was breaking existing contracts, under which Russia could respond by shutting down pipelines to Europe.
Unfazed by sanctions from the West, Putin said Russia would easily find enough customers in Asia to divert its energy exports from Europe.
The energy crisis between Europe and Russia has worsened following the shutdown of the Nord Stream 1 gas pipeline that has been ongoing since August 31, prompting the EU to take follow-up measures to deal with its impact.
