Ukraine: Putin warns of ‘grave consequences’ to oil price caps

Published on Nov 25, 2022 05:48 AM IST

On Tuesday, the US Treasury Department said that Washington and its allies were now planning to finalise a price cap for Russian oil in “the next few days”, as they seek to cut off a critical source of funding for Moscow.

Russia-Ukraine War: Ukrainian artillerymen firing from a cannon along the front line. (AFP)
Russia-Ukraine War: Ukrainian artillerymen firing from a cannon along the front line. (AFP)
Agencies |

Moscow/Kyiv: Russian President Vladimir Putin warned on Thursday that Western plans to introduce oil price caps could have “grave consequences” for energy markets, speaking during a telephone conversation with Iraq’s prime minister.

“Vladimir Putin stressed that such actions are contrary to the principles of market relations and are highly likely to lead to grave consequences for global energy markets,” the Kremlin said in a readout of the Russian leader’s call with Iraqi PM Mohammed Shia al-Sudani.

On Tuesday, the US Treasury Department said that Washington and its allies were now planning to finalise a price cap for Russian oil in “the next few days”, as they seek to cut off a critical source of funding for Moscow.

Meanwhile, Ukraine struggled on Thursday to repair its battered power and water services after Russia targeted the electricity grid with dozens of cruise missiles and temperatures plunged. The Kremlin on Thursday denied that its attacks on Ukraine’s electricity network were aimed at civilians, but said Kyiv could “end the suffering” of its population by meeting Russia’s demands to resolve the conflict.

Russia’s Federal Security Service (FSB) said on Thursday that it had prevented Ukrainian special services from carrying out what it said was sabotage on the “South Stream” gas pipeline.

Also, Russian authorities say a gunman opened fire in a southern city on Thursday fatally injuring three people and then killed himself. The violence took place in the city of Krymsk in the Krasnodar region, about 1,200 kilometres south of Moscow.

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