Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.
Sirens sound in large areas of occupied Palestine after a missile launch from Yemen was detected
Al Mayadeen's correspondent: 14 martyrs arrive at al-Shifa Hospital following Israeli massacre of al-Sultan Family north of Gaza.

Russia unaffected by oil price cap: Putin

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Dec 2022 19:37
  • 2 Shares
7 Min Read

Russian President Vladimir Putin highlights that his country was unaffected by the price cap imposed on it over the Ukraine war, as the prices are the same as those of the international markets.

  • x
  • Russian President Vladimir Putin
    Russian President Vladimir Putin

The price cap on Russian oil, proposed by the West weeks ago, corresponds to the current oil prices, and it does not affect Russia, Russian President Vladimir Putin said on Friday.

"The proposed cap corresponds to the prices at which we sell today. In this sense, this decision does not affect us in any way. To be honest, it is not important for us," Putin said at a press conference following his visit to Kyrgyzstan.

He further underlined that Russia will not incur any losses in the wake of the price cap being introduced under no circumstances, further highlighting that Moscow would not be selling oil to unfriendly countries imposing price caps on it.

Additionally, the Russian leader stressed that the authorities in Moscow would take specific steps to allow the country to respond to the oil price cap and that the steps in question would be outlined in a decree that will be coming out in the coming days.

The West has long been looking to reduce Russia's income from oil and gas - namely since the outbreak of the Ukraine war, with the latest measure being a price cap on Russian oil.

In October, the EU introduced the eighth package of sanctions against Moscow, which included a legislative basis for setting a price cap for maritime shipments of Russian oil to third countries.

Starting from February 5, 2023, the European Union will be introducing a price cap for Russian refined products as well.

The European Union reached an agreement on setting a price cap on Russian oil at $60 a barrel, keeping a review mechanism to keep the price cap at 5% under market value. 

Kremlin spokesperson Dmitry Peskov said in response that the price cap that was imposed on Russian oil abroad is unacceptable for Russia, but Moscow will be analyzing it and deciding how to operate under the new circumstances.

Moscow was anticipating the price cap and is now analyzing the situation, the spokesman underlined.

In light of that, Ukraine suggested on Saturday that the price cap should have been set lower than $60, as it is "insufficient" to penalize Russia. The $60 price cap imposed is not "serious", Ukrainian President Volodymyr Zelensky said Saturday, explaining that the decision was "quite comfortable" for Moscow.

To further tighten its grip on Moscow, Brussels announced that "if a third country flagged vessel intentionally carries Russian oil above the price cap, EU operators will be prohibited from insuring, financing, and servicing this vessel for the transport of Russian oil or petroleum products for 90 days after the cargo purchased above the price cap has been unloaded."

Russia has pledged to stop supplying oil and gas to countries that impose price ceilings. Russia's Permanent Representative to International Organizations in Vienna, Mikhail Ulyanov, declared last Wednesday that the European Union will have to live without Russian oil starting this year as a repercussion of the price cap imposed on the country's oil.

He also recalled how Moscow had made it clear that it will supply oil to the countries that supported the price cap that he described as "anti-market".

Economic decline

Related News

US, China to resume talks in Madrid; tariffs, TikTok on agenda

China warns Philippines against provocations in South China Sea

The Russian President noted that the economy in Russia was not at its best, saying there was economic decline, though he did say the situation there was better than it was in many other countries.

"When we have predicted a 20% economic decline in Russia, there is a downturn, but 2.9% is, of course, a big difference. And we understand that those who predicted such a development of events were greatly mistaken. And we were right," he said.

"It is probably impossible to say that we are doing very well because there is a recession, but the situation is much better than in many other countries in a number of ways," Putin added.

Touching on inflation in Russia and among the west, he highlighted how the inflation in Europe was at a transcendent level, touching the 20% threshold in certain areas, while it did not go over 12% in Russia.

Merkel words about Minsk agreements disappointing

The statement made by former German Chancellor Angela Merkel said about the Minsk agreements being concluded only to give Ukraine time to prepare for war with Russia was unexpected and disappointing, Putin said.

Merkel told earlier the German Die Zeit newspaper in an interview that the Minsk agreement reached in 2014 "was an attempt to give Ukraine extra time."

She underlined that she doubted NATO countries could have done as much as then as they were doing now to help Ukraine.

"Honestly, this was completely unexpected for me. This is disappointing. Frankly speaking, I did not expect to hear this from the former Federal Chancellor. I always assumed that the leadership of the Federal Republic is sincere with us," Putin told a press conference, commenting on Merkel's statement.

It is quite understandable that Germany was on Ukraine's side, and supported Ukraine, he noted.

"But it still seemed to me that the leadership of the Federal Republic always sincerely sought a settlement on the principles that we agreed on and that were achieved, including within the framework of the Minsk process," Putin added.

Additionally, Putin continued by highlighting how Merkel's statements caused a question of trust to arise, though he stressed that it would be necessary to agree on the Ukrainian issue anyway.

"Now, of course, the question of trust arises. And so trust, of course, is almost at zero, but after statements of this kind, of course, the question arises: how to negotiate anything? And is it possible to negotiate with anyone? And where are the guarantees? This, of course, is the question," Putin told reporters.

However, he did note that it would be necessary to negotiate eventually, recalling how he said on several occasions that Moscow was ready for the agreements in question. "We are open, but this makes us think, of course, about who we are dealing with."

Merkel's words, according to Putin, only say that "we did everything right from the point of launching a special military operation."

Reports at the time said that Russia obtained intelligence that NATO was planning on deploying four military divisions in Ukraine amid concerns in Mosow about an eastward expansion for the Western alliance.

Russia had for months been warning of the threat posed against it by NATO's attempts to expand eastward, which happened simultaneously with an increase in NATO military activity along Russia's borders, and batches of lethal weapons being sent to Ukraine, prompting Russia to request security guarantees from the West. Washington failed to provide the guarantees.

Russia got its bearings in Ukraine late, hoping to resolve the situation peacefully, Putin underscored. 

"Apparently, we got our bearings late, to be honest. Maybe, all this should have started earlier. We just hoped that we would be able to agree within the framework of the Minsk peace agreements. But what can you say to that," he told reporters.

  • United States
  • Russia
  • Germany
  • Angela Merkel
  • Price cap
  • Vladimir Putin
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Israeli police and rescue teams respond at the scene of a shooting attack where several people killed and injured in Jerusalem, Monday, Sept. 8, 2025 (AP)

Al-Quds shooting: 7 settlers killed, several critically injured

  • Politics
  • 8 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

Pro-'Israel' far-right Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Elon Musk attends a news conference with President Donald Trump in the Oval Office of the White House, Friday, May 30, 2025, in Washington (AP)
Politics

Elon Musk calls for dissolving UK parliament at London far-right rally

Israeli media: US betrayed Qatar, gave green light for attack on Hamas
Politics

Israeli media: US betrayed Qatar, gave green light for attack on Hamas

Leaked memo shows Trump eyeing Louisiana National Guard plan
Politics

Leaked memo shows Trump eyeing Louisiana National Guard plan

Mamdani vows to arrest Netanyahu if elected New York mayor
Politics

Mamdani vows to arrest Netanyahu if elected New York mayor

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS