US profits while its European allies suffer

With European Union energy ministers due to hold an emergency meeting on Friday to discuss a price cap on Russian gas, Russian President Vladimir Putin threatened to halt all supplies of energy to Europe if Brussels went ahead with the move.

Speaking at an economic forum in Russia's Far East on Wednesday, Putin said that "We will not supply gas, oil, coal, heating oil－we will not supply anything" if Europe imposes the proposed cap.

Europe imports about 45 percent of its gas and 30 percent of its oil from Russia and with Nord Stream 1, the main pipeline supplying Russian gas to Europe, currently shut, supposedly for maintenance, European countries are already feeling the pinch of the energy shortage, with public anger at rising prices turning up the heat on governments.