Faster than many imagined just a few months ago, energy trade between Russia and the EU is on the verge of complete collapse.
European imports of oil and coal are being phased out due to sanctions, and Russia has scaled back the gas business on its own.
Now Putin is threatening a complete halt to deliveries if price caps are imposed on Russian energy exports.
Both are under discussion: for oil in the G7 for some time, for gas now also in the EU.
The high world market prices
It is not entirely clear whether such measures would be enforceable effectively and whether, in the case of the EU, they would meet with a consensus among member states.
But they undoubtedly have the potential to turn the strategic equation to Russia's disadvantage.
A complete isolation of the country is impossible, Putin is right - but its still relatively strong financial position is only a consequence of the high world market prices.
Especially when it comes to gas, which he uses so skilfully as a weapon against Europe, he does not (yet) have the option to go to Asia on a large scale, which he invokes: there are no pipelines.
Before the Ukraine war, it was often said that Putin would not turn off the gas tap because you could only do it once.
He did it after all, but the basic idea remains correct.
He has lost the wealthy Western customers, he has to find new ones first.
Putin is playing his last ace in this field.