Putin warns of grave consequences to oil price caps, During a phone call with the prime minister of Iraq on Thursday, Russian President Vladimir Putin warned that Western plans to enact oil price caps could have “grave consequences” for the energy markets.
Putin warns of grave consequences to oil price caps
“Vladimir Putin stressed that such actions are contrary to the principles of market relations and are highly likely to lead to grave consequences for global energy markets,” the Kremlin said in a readout of the Russian leader’s call with Iraqi Prime Minister Mohammed Shia al-Sudani.
According to the Kremlin, both parties had also praised their respective nations’ participation in OPEC +, which “stabilizes the world oil market.” After Putin committed soldiers to Ukraine on February 24, Western nations hit Russia with unprecedented sanctions.
In an effort to cut off a vital source of revenue for Moscow, the US Treasury Department announced on Tuesday that Washington and its partners were now seeking to finalize a price ceiling for Russian oil in “the next few days.” The price ceiling would serve as the foundation for a prohibition that would prohibit businesses from shipping or provide insurance for Russian oil shipments sold over the preset price and is scheduled to go into effect on December 5.
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