“We will not be losers under any circumstances,” the Russian President said, referring to a possible production cut just days after the West adopted a price ceiling on Russian black.
Russian President Vladimir Putin today threatened the West that he would “reduce production” of Russian oil “it it’s necessary” just days after the EU, G7 and Australia adopted a price ceiling for Russian black at $60.
“We will consider a possible reduction in production if necessary“, Putin said during a press conference in Bishkek, on the sidelines of a regional summit.
The mechanism that the West has wanted for months and implemented at the beginning of the week is a “stupid decision“, he stated.
“The suggested upper price limit (at $60) corresponds to what we are selling today. In that sense, this does not affect us at all“, he said during the press conference.
The price of a barrel of Russian oil (of Urals crude) is indeed evolving around $65, i.e. just above the European ceiling, causing a limited impact in the short term.
For countries that import Russian oil, “adopting this harmful, ‘non-commercial’ solution will be foolish for the whole world“, the Russian president told reporters today
Such a mechanism “it concerns the whole world” said Putin “as if someone agrees once the consumer sets the price it will lead to the collapse of the (oil) industry because the consumer will always insist on the lowest possible price“, he stated.
“We will not be lost in any case“, he assured.
On Friday, the 27 countries of the European Union, the Group of Seven (G7) and Australia agreed to a maximum price of US$60 for seaborne Russian-origin crude to limit Moscow’s revenues. to finance its military operation in Ukraine.
Therefore, only oil sold by Moscow at a price equal to or below 60 dollars will be able to continue to be delivered. Beyond this upper limit, companies will be prohibited from providing the services that enable maritime transport (cargo, insurance, etc.).
Necessary agreement on the uranium “finally»
A deal will “ultimately” be necessary to end the war in Ukraine, Vladimir Putin said today, but cast doubt on the “confidence” which, according to him, Moscow can give to its interlocutors.
“In the end we will have to reach an agreement. I have already said many times that we are ready for settlements, we are open, but this forces us to think about who we are dealing with,” the Russian president said on the sidelines of a regional summit in Kyrgyzstan.
Putin was reacting to recent statements by former German Chancellor Angela Merkel who said the 2014 Minsk agreement between Moscow and Kiev, signed under the auspices of the OSCE, gave Ukraine time to strengthen in the event of an armed conflict with Russia. .
“The 2014 Minsk agreement was an attempt to buy Ukraine time. He took advantage of it, as we see today. The Ukraine of 2014/2015 was not the Ukraine of today (…) As we saw in early 2015, Putin could have easily crushed it thenMerkel told Die Zeit newspaper.
Putin said he was “disappointed” by these statements. “This obviously raises the question of trust. And trust is almost zero and after such statements the question is natural: How will we find an agreement? And can we get together with someone? And with what guarantees?
“Maybe we should have started all this earlier (the attack on Ukraine). But we relied on the possibility of finding an agreement within the framework of the Minsk agreements“, added the Russian president.
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