Putin, UAE President discuss West’s decision to cap Russian oil prices — Kremlin

MOSCOW, SANA- President of Russia Vladimir Putin and his counterpart in the United Arab Emirates Mohamed bin Zayed Al Nahyan discussed the decision of Western countries to impose non-market restrictions on the price of Russian oil in a telephone conversation, the Kremlin’s press service reported on Wednesday.

“[The parties] highlighted the effectiveness of joint work as part of OPEC+ to ensure the stability of the global oil market. They noted with satisfaction that all participating states consistently implemented the agreed decisions. In this context, they touched upon the situation related to the attempts of a number of Western countries which contradict the principles of world trade, to introduce anti-market restrictions on the cost of Russian crude,” the statement said.

G7 countries, the EU and Australia agreed to impose a $60-per-barrel price cap on Russian oil supplied by sea starting on December 5. Beginning February 5, 2023, price limits for petroleum products will come into effect, the parameters of which will be set later. The decision on the embargo on Russian oil supplies to EU countries remained in force and also came into effect on December 5, but it should not affect fuel supplies via the Druzhba pipeline to Hungary, the Czech Republic and Slovakia.


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