Russian oil price cap could have ‘serious consequences,’ Putin warns

President Vladimir Putin on Thursday warned of ‘serious consequences’ for the global energy market if the West imposes a price cap on Russian oil.

Putin held a phone conversation with Iraqi Prime Minister Mohammed Shia Al-Sudani, congratulating him on taking charge as the premier, according to a statement by the Kremlin.

While prospects for expanding bilateral trade and economic ties were a focus, both sides also ‘praised the joint work of Russia and Iraq within OPEC+, which makes it possible to ensure the stability of the world oil market.’

Western attempts to cap the price of Russian oil were also discussed, the statement said, adding that Putin stressed ‘such actions were contrary to market principles and highly likely to result in serious consequences for the global energy market.’

The EU has so far failed to reach a deal to cap prices for Russian sea-borne oil.

Earlier on Thursday, Ursula von der Leyen, the European Commission president, said members are working “full speed” on a ninth sanctions package and will “very soon’ approve a global price cap on Russian oil with the G7 and other major partners.

‘We will not rest until Ukraine has prevailed over Putin and his unlawful and barbaric war,’ referring to Moscow’s ‘special military operation’ that started in February.

• President Vladimir Putin