Following the discussions concerning the inter-governmental political forum Group of Seven (G7) pledging to impose price caps on crude oil and the European Commission talking about fixing electricity prices, Russian president Vladimir Putin explained on Wednesday that Russia will not supply the industrialized economic powers and the West with energy. "We will not supply gas, oil, coal, heating oil — we will not supply anything," Putin stressed during the Eastern Economic Forum's plenary session.

Putin to Europe: 'Freeze, Freeze, the Wolf's Tail'

Vladimir Putin explained that the Kremlin plans to let the wolf's tail freeze, referring to Europe and the Russian fable where a fox tricks a wolf into freezing his tail, and the fox eventually defeats the wolf with this tactic.

"We will not supply anything outside the contracts. We will not do anything that they try to force us to do," Putin declared on Wednesday. "We will not supply gas, oil, coal, heating oil — we will not supply anything," he added. "The only thing we can do is to keep on saying the line from a well-known Russian fairytale'—Freeze, freeze, the wolf's tail.'"

Putin's speech follows the report that claims Russia and Iran plan to establish a global gas cartel. In recent times, the Russian gas giant Gazprom and the National Iranian Oil Company (NIOC) partnered by signing a memorandum of understanding (MoU).