A price cap for Russian oil has recently been in place. Now there are various considerations in the Kremlin as to how he should react to this. One option is a complete ban on Russian oil companies selling the commodity to countries that support the price cap.
Russia is considering how to react to the oil price cap imposed by the EU. There are various options, the Ria news agency quoted Kremlin spokesman Dmitry Peskov as saying.
The EU and G7 have set a price cap of $60 a barrel for Russian oil. This is below the current market price. The Russian leadership recently made it clear that under no circumstances would they submit to this upper price limit.
Energy Minister Alexander Nowak predicted a significant increase in the price of oil on the world markets due to the restrictions imposed by the West. Experts are still divided on the consequences of the decision.
According to the Kremlin, Russian President Vladimir Putin telephoned the President of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan, on Wednesday. It is also said to have been about the upper price limit for Russian oil and about cooperation within the group of oil-producing countries (OPEC).
