Putin Warns Oil Price Spike if Russia Excluded, Macron Proposes Tanker Seizures
Russian President Vladimir Putin has warned that removing Russia from the global oil market could cause prices to skyrocket. He argues that such a move would not maintain a normal economic situation. Meanwhile, French President Emmanuel Macron has proposed detaining Russian oil tankers at sea to disrupt supplies.
Putin's statement comes amidst international efforts to limit Russia's oil exports following its invasion of Ukraine. He believes that detaining Russian oil tankers without cause is a violation of international law, likening it to 'piracy'.
In a separate development, former U.S. President Donald Trump has suggested that Hungarian Prime Minister Viktor Orbán could agree to stop purchasing Russian oil. However, it remains to be seen whether Orbán will comply with this suggestion.
The potential impact of these actions on global oil prices is significant. Putin's warning highlights the interconnectedness of the global oil market and the potential consequences of disrupting Russian supplies. Meanwhile, Macron's proposal underscores the determination of Western nations to put pressure on Russia over its actions in Ukraine.
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