Saudi energy minister sees no clear results yet from Russia price cap

Saudi energy minister sees no clear results yet from Russia price cap

RIYADH - Saudi energy minister Prince Abdulaziz bin Salman said on Sunday the impact of European sanctions on Russian crude oil and price cap measures "did not bring clear results yet" and its implementation was still unclear.

The Group of 7 price cap on Russian seaborne oil came into effect Dec. 5 as the West tries to limit Moscow's ability to finance its war in the Ukraine.

Russia has said it would not abide by the measure even if it has to cut its production.

"What is happening now in terms of sanctions and price caps imposed and all of it really did not bring clear results, including measures implemented on Dec. 5, we see a state of uncertainty in implementation," Prince Abdulaziz told a forum held following the country's 2023 budget announcements in Riyadh.

Prince Abdulaziz said Russia's reaction and what actions it would take in response to these tools was another aspect that needed to be taken into consideration when looking at the state of play in global markets.

"These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes," he said, referring to the price cap.

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