MBS calls Putin to discuss Ukraine, Yemen: Kremlin

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Russian President Vladimir Putin had a phone call with Saudi Crown Prince Mohammed bin Salman, the Kremlin said Saturday, during which they discussed the crisis in Ukraine, the war on Yemen, and the OPEC+ deal on oil cuts.

"They have exchanged opinions on several topics on the international agenda, including the situation around Ukraine and the settlement in Yemen," the Kremlin said.

Putin and bin Salman also touched on issues pertaining to bilateral ties, and they affirmed their commitment to boosting "mutually beneficial ties," the Kremlin's statement read.

The two leaders, the statement continued, also gave a positive assessment of cooperation within OPEC+ with hopes of ensuring the stability of the global oil market

OPEC Secretary-General Mohammed Barkindo had warned EU ministers on Monday that current and future sanctions on Russia might cause one of the worst oil supply shocks in history, saying that it would be impossible to recover the volumes lost in such a scenario.

According to Barkindo, embargoes and other restrictions on Russian business are causing seven million barrels of Russian crude per day to leave the global market.

The EU had declared preparations to join the United States and the United Kingdom in imposing an embargo on Russian energy products. However, unlike the United States and the United Kingdom, the European Union buys the majority of its energy supplies from Russia, and experts have warned that cutting off the supply may have disastrous consequences.

While the United States has offered to replace the void with more expensive liquefied natural gas (LNG) shipments, most of Europe's LNG terminals are currently at capacity, meaning there would be no space to store the fuel.

After the war in Ukraine started, the US and its allies have rolled out comprehensive sanctions, including restrictions on the Russian central bank, export control measures, SWIFT cutoff for select banks, and closure of airspace to all Russian flights. Many of their companies have suspended their Russian operations.