Introduction Of Russian Oil Price Cap Will Cause Global Prices To Skyrocket - Putin

Faizan Hashmi Published December 09, 2022 | 08:43 PM

The introduction of a price cap on Russian oil will reduce investment in the energy industry to zero and lead to a catastrophic surge in prices, Russian President Vladimir Putin said on Friday.

BISHKEK (UrduPoint News / Sputnik - 09th December, 2022) The introduction of a price cap on Russian oil will reduce investment in the energy industry to zero and lead to a catastrophic surge in prices, Russian President Vladimir Putin said on Friday.

"The industry is already not fully invested in, not fully financed, and if we also listen only to the consumer, then this investment will be reduced to zero, all this will lead at some stage to a catastrophic surge in prices and to the collapse of the global energy industry, that's what it will lead to," Putin said at a press conference following his visit to Kyrgyzstan.