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Price cap for Russian oil may lead to grave consequences — Putin

The Russian president stressed that such actions run counter to principles of market relations

MOSCOW, November 24. /TASS/. Attempts to impose a cap on Russian oil prices may lead to severe consequences, Russian President Vladimir Putin said in the telephone conversation with Prime Minister of Iraq Mohammed al-Sudani, the Kremlin’s press service said on Thursday.

"The situation was touched in connection with attempts of certain Western states to introduce restrictions for the price of crude oil from Russia. Vladimir Putin stressed that such actions run counter to principles of market relations and will with high probability lead to grave consequences for the global energy market," the Kremlin said.

Earlier it was reported that the ambassadors of the EU countries failed to agree on the introduction of a price cap for Russian oil on Wednesday, so negotiations will continue.

According to sources, the ambassadors discussed the possibility of introducing a price cap for Russian oil in the range of $65-70 per barrel. The discussion revealed a deep divide between countries that want to punish Russia, such as Poland and the Baltic states, which consider this cap too high, and countries that receive a significant part of the income from the maritime transportation of oil - Greece, Cyprus, Malta and others, which find that the threshold level is too low and threatens to undermine the world oil trade.

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