Russia’s President Vladimir Putin on Wednesday threatened to cut off energy supplies if price caps are imposed on Russia’s oil and gas exports, warning the West it would be “frozen” like a wolf’s tail in a famous Russian fairy tale.

Cutting supplies from Russia, the world’s second largest oil exporter after Saudi Arabia and the world’s top natural gas exporter, would roil global energy markets, leaving the world economy facing even higher energy prices. Speaking at an economic forum in Russia’s Pacific city of Vladivostok, Putin said European calls for a price cap on Russian gas were “stupid”, and would lead to higher global prices and economic problems in Europe.