Russian President Vladimir Putin warned on Thursday of “serious consequences” if Western powers introduce restrictions on the price of Russian oil.
During a telephone conversation with Iraqi Prime Minister Mohamed Shia al-Sudani, Putin stressed that “such actions contradict the principles governing market relations and will most likely have serious consequences for the global energy market.”
Putin and Sudani discussed the West’s plans and the work of Russia and Iraq in the context of meetings of the OPEC+ alliance to guarantee the stability of the oil market.
Russia has repeatedly warned that it will not supply oil to countries that adopt such limitations and has predicted major problems for their populations during the winter.
In addition, according to his government, he can also take retaliatory measures, such as reducing extraction from 530 million tons this year to 490 million tons in 2023.
European Union governments failed to agree on Wednesday on a price cap on Russian oil that the G7 powers want to impose on Moscow as a sanction for the war in Ukraine.
The price cap does not directly affect the EU, which has already decided to ban purchases of Russian crude oil from December 5th (except those from the pipeline tapped by Hungary), but it would harm the cargo ships that transport it, some of which Greece, Malta and Cyprus flags.
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