Putin warns of serious repercussions to put a ceiling on the price of Russian oil

24 November, 2022
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Putin warns of serious repercussions to put a ceiling on the price of Russian oil

Russian President Vladimir Putin discussed today, Thursday, with the Iraqi Prime Minister, Muhammad Shia' al-Sudani, the attempt of some Western countries to put a ceiling on the price of Russian oil, indicating that these practices may lead to dire consequences for global markets.


Putin said, during a phone call with Al-Sudani, according to a Kremlin statement, that "the attempt of a number of Western countries to set limits on the price of Russian oil contradicts the principles of market relations, and is likely to lead to serious consequences for global energy markets."


The statement added that the two sides gave a positive assessment of the joint work with the participation of Russia and Iraq within the framework of "OPEC +", which makes it possible to ensure the stability of the global oil market.


The goal is to reach a maximum price for Russian fuel, which can be set before the entry into force of new European sanctions, as of December 5th.


Today, the energy ministers of the European Union failed, during their meeting in Brussels, to agree on a decision to limit the rise in gas prices by imposing a price ceiling, according to what was announced by the Hungarian Foreign Minister, Peter Siarto.


Siarto said, in a press conference after the meeting, "We started negotiations today on setting a ceiling for gas prices, and I can say that this is a bad idea, and threatens energy security in Europe."


The adoption of an oil price cap requires the agreement of all EU member states. According to Bloomberg, the European Union's negotiations on setting a ceiling for Russian oil prices have reached a dead end.


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