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Putin Threatens Production Cuts Over Oil Price Cap

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President Vladimir Putin warned Friday that Russia could reduce oil production in response to a $60 price cap on its oil exports agreed by Western nations over Moscow’s Ukraine offensive. online news

The price ceiling agreed by the EU, G7 and Australia came into force on Monday and seeks to restrict Russia’s revenue while making sure Moscow keeps supplying the global market.

“We will consider a possible reduction in production if necessary,” Putin told reporters in Kyrgyzstan’s capital Bishkek following a regional summit.

He said the price cap was a “stupid decision” that is “harmful to global energy markets” but “isn’t affecting” Russia.

He added that Moscow will announce retaliatory steps “in the next few days”. He did not elaborate.

The market price of a barrel of Russian Urals crude is currently around $65 dollars, just slightly higher than the $60 cap agreed, suggesting the measure may have only a limited impact in the short term.


© Agence France-Presse. All rights are reserved.

Putin Says ‘Agreement Will Have to be Reached’ to End Ukraine Conflict

Russian President Vladimir Putin said on Friday that ultimately an agreement would need to be struck to end fighting in Ukraine, nine months after the Kremlin launched its “special military operation” there.

“Trust, of course, is almost at zero… but ultimately, in the end, an agreement will have to be reached,” Putin told a summit of regional leaders in the capital of Kyrgyzstan.

“I have said many times that we are ready for these agreements, and we are open (to them),” he added.

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Putin comments came in response to remarks from former German chancellor Angela Merkel about the Minsk agreements, negotiated with Paris and Berlin to end fighting between Russia and Ukraine.

Merkel told Die Zeit newspaper that the 2014 accords were an “attempt to give Ukraine time” and that Kyiv had used it “to become stronger”.

Putin in Bishkek said he was “disappointed” by Merkel’s comments, adding he “always assumed that the government of Germany was acting honestly”.

“After such statements, the question becomes: how can we agree? And is there anyone to agree with? What are the guarantees?” Putin said.


© Agence France-Presse. All rights are reserved.

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