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FinancialNews


  • 12-12-22

    Saudi energy minister believes Russia price limit measures ineffective

    (MENAFN) Saudi energy minister Prince Abdulaziz bin Salman stated on Sunday that the effect of European restrictions on Russian crude oil as well as price cap actions "did not bring clear results yet" and its execution was still vague.

    The Group of 7 price limit on Russian seaborne oil came into action on the 5th of December as the West attempts to cap Moscow's capability to invest its conflict in Ukraine.

    Russia has stated that it would not accept any of the actions implanted even if it has to reduce its output.

    "What is happening now in terms of sanctions and price caps imposed and all of it really did not bring clear results, including measures implemented on Dec. 5, we see a state of uncertainty in implementation," Prince Abdulaziz informed a meeting hosted after the nation’s 2023 budget deceleration in the Capital city of Riyadh.

    "These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes," he stated, talking about the price limit.

    MENAFN12122022000045014228ID1105296735

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