Russian President Vladimir Putin has threatened to halt all energy shipments to Europe if Brussels implements its proposed plan to cap the price of Russian gas. The threat came in the midst of a speech by Putin at an economic forum in Russia’s Far East, Reuters reported

“We will not supply gas, oil, coal, heating oil – we will not supply anything if that occurs,” he said. Europe usually imports about 40% of its gas and 30% of its oil from Russia.

This came after the head of the European Union said that the European Commission will propose a cap on Russian gas prices, along with measures that include a mandatory EU cut in electricity use and a cap on revenues from non-gasified power generators.