The US has retaliated against threats made by Russian President Vladimir Putin. The US has said that Russian President Putin is using his energy resources as weapons. A day earlier, Putin threatened to stop all energy exports to Western countries if the US went ahead with its move to cap oil prices. Putin threatened on Wednesday that Russia would completely cut energy supplies to the West if it tried to limit the prices of Russian exports.
He also said that Russia would continue military action in Ukraine until it achieved its goals. On Wednesday, White House press secretary Karen Jean Pierre said, "This shows that Putin is re-weaponizing energy with his words and actions." The statement added that this strategy was anticipated in advance by the President (Joe Biden) and our European partners.
We had figured it out and had been preparing for it for months. We've discussed the various processes to see what this price range could be. Last week, G-7 finance ministers promised to implement a mechanism to limit Russia's income from oil sales. The proceeds from the sale of oil can be used to help Ukraine in its war against Russia. The move by seven of the world's most industrialized countries is aimed at limiting the impact of the Ukraine war on rising global energy prices.