UAE President Sheikh Mohamed bin Zayed Al-Nahyan met with Russia's President Vladimir Putin, in Saint Petersburg October 11
Putin, UAE president discuss OPEC+, oil price cap
The Kremlin says attempts to impose the cap by some Western countries are contradictory to the principles of global trade.
Wednesday 07/12/2022
UAE President Sheikh Mohamed bin Zayed Al-Nahyan met with Russia's President Vladimir Putin, in Saint Petersburg October 11
MOSCOW - Russian President Vladimir Putin and the president of the United Arab Emirates (UAE), Sheikh Mohamed bin Zayed al-Nahyan, held a phone call on Wednesday to discuss OPEC+ cooperation and a Western price cap imposed on Russian oil, the Kremlin said.
In a statement, the Kremlin said attempts to impose the cap by some Western countries were contradictory to the "principles of global trade."
Analysts said the $60-per-barrel price cap on seaborne crude imposed by G7 democracies and Australia on Monday will have little immediate impact on the oil revenues that Moscow is currently earning. Russia said on Monday the cap would not hurt the financing of its "special military operation" in Ukraine.
The price cap is "an unhappy compromise that will do very little to cut Russia's oil revenue" from current levels, said Ben Cahill, an energy security expert at the Center for Strategic and International Studies in Washington.
"I really think that the US Treasury's main objective was to defuse the EU shipping, insurance and services bans that are part of the sanctions on Russian oil exports," Cahill said.