Putin discusses West’s bid for capping oil price with Iraqi PM, warns of ‘grave consequences’

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During a phone call with the Iraqi Prime Minister on Thursday, Russian President Vladimir Putin warned that Western proposals to impose oil price caps might have “grave consequences” for the energy markets. 

The Kremlin released a readout of Vladimir Putin’s conversation with Iraq’s Prime Minister Mohammed Shia al-Sudani. “Vladimir Putin stressed that such actions are contrary to the principles of market relations and are highly likely to lead to grave consequences for global energy markets,” the Kremlin said. 

The Kremlin said that both parties had expressed support for the two nations’ cooperation with OPEC +, which aids in stabilising the world oil market.

After Putin committed soldiers to Ukraine on February 24, Western nations hit Russia with unprecedented sanctions.

In an effort to cut off a vital source of revenue for Moscow, the US Treasury Department announced on Tuesday that Washington and its partners were now seeking to finalise a price ceiling for Russian oil in “the next few days.” 

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The price ceiling would serve as the foundation that would prohibit businesses from shipping or providing insurance for Russian oil shipments sold over the preset price and is scheduled to go into effect on December 5. 

In recent days, efforts by the European Union and the United States to reach a consensus on where to impose a price restriction on their imports of Russian oil have increased. 

Major oil producers Russia and Iraq are both parties to the OPEC+ agreement, which regulates oil output.

(with inputs from agencies)
 

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