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G7 sees inefficacy of sanctions by deciding to set price cap on Russian oil — official

Vyacheslav Volodin emphasized that the Western model of global economy, founded on colonial ideals, has become obsolete

MOSCOW, September 9. /TASS/. The G7 countries by their decision to set a price cap on Russian energy resources recognize the ineffectiveness of the sanctions imposed against Russia, Chairman of the State Duma Vyacheslav Volodin said.

"By imposing a price cap on Russian oil and gas, the G7 members acknowledge the ineffectiveness of prior sanctions imposed on Russia. Washington and Brussels had to abandon the complete ban on our energy resources. The attempt to replace them failed," he wrote in his Telegram channel.

"The global market is not limited to seven countries. More than 80% of the world's population does not support sanctions against Russia," he added.

Furthermore, Volodin emphasized that the Western model of global economy, founded on colonial ideals, has become obsolete. "The G7 countries will no longer be able to exist by exploiting the rest of the world and purchasing cheap resources from Russia and other countries. Their parasitism has come to an end," he concluded.

On September 7, Russian President Vladimir Putin laced into the West’s latest proposal of imposing price cap on Russian energy resources as "absolutely stupid". "This is an absolutely stupid solution. If anyone tries to implement this, it won’t lead to anything good for those who make this decision," he said.

In addition, the president recalled there are binding contractual obligations. The Russian side is ready to fulfill them. "But if any decisions of a political nature are made that contradict the contracts, we simply will not comply with them," he concluded.