Putin, UAE president discuss Opec+, oil price cap

Putin, UAE president discuss Opec+, oil price cap

In another development, Russian newspaper Vedomosti said Russia is considering three options, including banning oil sales to a some countries and setting maximum discounts at which it would sell its crude, to counter the price cap imposed by Western powers.

An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia. — Reuters

Published: Wed 7 Dec 2022, 5:28 PM

Russian President Vladimir Putin and the UAE President His highness Sheikh Mohammed bin Zayed Al Nahyan, held a phone call on Wednesday to discuss Opec+ cooperation and a Western price cap imposed on Russian oil, the Kremlin said.

In a statement, the Kremlin said attempts to impose the cap by some Western countries were contradictory to the “principles of global trade”.

The $60-per-barrel price cap, set by the G7 nations, the European Union and Australia, came into force on Monday as they try to limit Russia’s ability to finance its war in Ukraine.

Russia considers 3 options

In another development, Russian newspaper Vedomosti said Russia is considering three options, including banning oil sales to a some countries and setting maximum discounts at which it would sell its crude, to counter the