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capping the price would have ‘serious consequences’, warns Vladimir Putin

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Europe 1 with AFP
5:58 p.m., November 24, 2022

Vladimir Putin warned Thursday of “serious consequences” if the price of Russian oil capped. Such actions go against the principles of trade relations and will most likely lead to serious consequences for the global energy market,” he said.

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Russian President Vladimir Putin warned on Thursday of “serious consequences” of capping the price of Russian oil, as countries in favor of such a measure are soon to announce their decision. “Such actions go against the principles of trade relations and will most likely lead to serious consequences for the global energy market,” Vladimir Putin said in a phone call with Iraqi Prime Minister Mohamed Chia al. -Sudani, according to a statement from the Kremlin.

The coalition of states wishing to impose a cap on the price of Russian oil, which includes the G7, the European Union and Australia, should announce the limit envisaged “in the coming days”, a Treasury official said on Tuesday, the ministry American Finance. The objective is to arrive at a maximum price for Russian hydrocarbons that can be put in place before the entry into force of new European sanctions, planned from December 5.

A new set of EU sanctions

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This new series of sanctions provides in particular for prohibiting insurers and reinsurers from covering the maritime transport of Russian oil, European operators to be exempted in the event of an agreement if the oil is sold at a price lower than or equal to the pre-established ceiling.

Capping the price of oil sold by Russia should make it possible to reduce its financial resources and thus its ability to continue the offensive in Ukraine, but also to contain the rise in energy prices. This price must however remain higher than the production price, to encourage Russia to continue to sell it, and not to cut the floodgates.

Source: Europe1

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