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Russia, UAE vow to maintain stability of energy market

March 2, 2022 at 10:35 am

Russian President Vladimir Putin and Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan on October 15, 2019 [ALEXEY NIKOLSKY/SPUTNIK/AFP via Getty Images]

Russian President Vladimir Putin and Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed vowed to maintain energy market stability, the UAE’s state news agency reported yesterday, as crude prices increased after Russia’s invasion of Ukraine.

The agency said the two leaders spoke on the phone and discussed “the energy file in light of Russian cooperation with the Organisation of Petroleum Exporting Countries (OPEC).”

Meanwhile, the Kremlin said in a statement that Bin Zayed “emphasised Russia’s right to guarantee its national security”, this was not included in the Emirati reports of the call.

Oil prices rose by nearly six per cent yesterday, driven by the intensification of violence in Ukraine, and threats by Western countries of imposing additional sanctions against Moscow.

Russia is the world’s second-largest exporter of crude oil and supplies more than 40 per cent of the European Union’s annual gas needs.

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