Putin warns EU on dwindling gas supplies

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Russian President Vladimir Putin says it is the West's own fault that the flow of Russian natural gas to European customers has dwindled and warns it could continue ebbing.

Putin's statement further cranks up pressure on the European Union, which fears Russia could cut off gas to wreak economic and political havoc in Europe in the winter.

Speaking to Russian reporters in Tehran, where he attended the talks with the leaders of Iran and Turkey, Putin said the amount of gas pumped through the Nord Stream pipeline to Germany will fall further from 60 million to 30 million cubic metres a day, or about one-fifth of its capacity, if a turbine is not quickly replaced.

He said Russia could launch the Nord Stream 2 pipeline that has never entered service, but noted it would have only half its designated capacity because the rest was used for domestic needs.

The Russian leader also warned the West that its plan to cap the prices of Russian oil as part of its sanctions over Ukraine would destabilise the global oil market and make prices soar.

"We are hearing some crazy ideas about restricting the volumes of Russian oil and capping the Russian oil price," he said. "The result will be the same: a rise in prices. Prices will skyrocket."

Since Russian troops rolled into Ukraine in February, the EU has approved bans on Russian coal and most oil to take effect later this year but did not include natural gas because the 27-nation bloc depends on it to power factories, generate electricity and heat homes.

However, Russia's Gazprom state-controlled natural gas giant reduced gas deliveries through the Nord Stream 1 pipeline to Germany by 60 per cent last month, after a turbine that Siemens sent to Canada for overhaul could not be returned because of sanctions.

Canada and Germany made a deal to return the turbine, but Putin said Gazprom still had not received the relevant documents.

The Russian leader said Gazprom was to shut another turbine for repairs in late July, and if the one that was sent to Canada was not returned by that time the flow of gas would ebb even more.

As another reason for the supply reduction, he pointed out that Ukraine closed a branch of a transit pipeline carrying Russian gas to the West through territory controlled by Moscow-based separatists.

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