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Putin warns the West of “dangerous consequences” of capping Russian oil prices

Dubai, United Arab Emirates (CNN) – Russian President Vladimir Putin said, Thursday, that Western plans to impose maximum limits on Russian oil prices will have “serious consequences” for energy markets, and contradict the principles market relations.

A Kremlin statement said Putin “stressed that such measures contradict the principles of market relations and are likely to lead to serious consequences for the global energy market.”

Putin’s statements came during a phone conversation with Iraqi Prime Minister Muhammad Shia’ al-Sudani, and these statements came at a time when energy ministers from the European Union held an extraordinary meeting, Thursday, with the aim of containing the economic repercussions resulting from the rise in gas prices, due to the Russian invasion of Ukraine.

The Group of Seven major industrialists is seeking to set a maximum price for Russian oil transported by sea, ranging between 65 and 70 dollars per barrel, but the governments of European Union countries have not yet agreed on the price.

A senior US Treasury official said, on Wednesday, that it is likely that the United States and its allies, after putting a ceiling on the price of Russian oil, will adjust the price of oil several times annually, rather than monthly.

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