Vladimir Putin is considering reacting to the cap of 60 dollars per barrel of Russian oil imposed by the EU, the G7 and Australia by reducing the sale of crude oil to these countries or even vetoing its export. "Regarding our reaction, I already said it: we simply will not sell to those countries that make such decisions. We will perhaps even think about the possibility (...) of reducing production," he said this morning at a press conference after participate in the summit of the Eurasian Economic Union (EAEU) in Bishkek.
"We have an agreement with OPEC on a certain level of extraction. We will think of something additional, if necessary," said the head of the Kremlin, adding that the agreed ceiling not only affects Russia, but "all producers," the agency reports. EFE.
"If someone accepts that the consumer sets the price, it will lead to the collapse of the sector itself, because the consumer will always insist that the price be lower," said Putin, who has defended that Russia will not lose this battle against the countries westerners.
The goal of limiting the price to 60 dollars a barrel seeks to reduce the income of Russia ahead of the anniversary of the war in Ukraine. An income with which the Kremlin finances its military offensive. The Bruegel think tank was wondering this week if that cap will work. The first conclusion is that it is an unprecedented instrument but that it is the most powerful sanction measure against Putin.
"We will not lose under any circumstances," the Russian president insisted. In the next few days, he said, he will issue a decree with "concrete steps" to counteract said cap.
Putin has acknowledged that the results of the Russian economy "could have been better" this year. “They predicted a 20% drop in the Russian economy. There has been a decrease, but of 2.9%. It is a big difference, we see that those who predicted this development of events were enormously wrong, ”he stressed.
The Russian president has indicated that the situation of the Russian economy "is really better than that of many other countries in a whole series of components."
In this sense, Putin highlighted in particular that inflation in Russia this year will be 12.2 or 12.3%, when in some European countries this indicator will be between 17 and 20%. “For a European economy these are disproportionate magnitudes. This is totally self-evident,” he concluded.
