Russian President Vladimir Putin has responded harshly to Western nations joining forces to cap the price of Moscow’s exported oil at a maximum of $60 per barrel. In a warning message, the Russian president counter-threatened to cut oil production. News from AFP.

The highest price of oil imposed by the EU, G7 and Australia is going to be effective from Monday. They took such steps as part of efforts to reduce Russian revenues.

“We will consider the possibility of cutting oil production if necessary,” Putin told reporters after a regional conference in the Kyrgyz capital, Bishkek.

He said capping oil prices was a “stupid decision” that would “damage the global oil market.” But it will not harm Russia.

He also said that Moscow will announce countermeasures in the next few days. He did not say anything more in this regard.

The price of crude oil in the current market is around $65 per barrel, which is slightly higher than the oil prices set by the EU, G7 and Australia. Russia says such a move could only have a limited impact in the short term.

(11 December/SM)