Russia issues a warning that attempts to limit oil prices might result in higher costs.

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Attempts to limit oil prices, according to spokesperson Maria Zakharova for the Russian Foreign Ministry, may instead cause them to rise. In an effort to put more pressure on Moscow to stop the operation in Ukraine, US Treasury Secretary Janet Yellen originally floated the limitation plan last month.

The final agreement’s structure and price range have not yet been disclosed. Due to funding and logistical issues, Russian oil is already being sold at a significant discount to international grades.

Russian Urals mix costs around $75 per barrel while Brent oil futures are little around $100. When creating its first 2022 budget, Russia used an average Urals oil price of $62.2 per barrel.

In her remarks on US Vice President Joe Biden’s visit to the Middle East, Zakharova predicted that Biden would push Saudi Arabia, the top oil exporter in the world, to raise oil output in order to lower the high price of gasoline.

She attributed the rise in oil and gas prices on mistakes made by the West in its energy strategy and sanctions imposed on key energy suppliers including the Russian Federation, Iran, and Venezuela.

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