The Saudi economy minister says Riyadh is not going to choose between Moscow and Kiev
Saudi Arabia will maintain its extensive trade relations with both Ukraine and Russia, Economy and Planning Minister Faisal al-Ibrahim said on the sidelines of the World Economic Forum in Davos on Tuesday.
Speaking to Japan’s Nikkei newspaper, the minister said that there are Western sanctions against Russia. “One-sided” And as it will be.
Al-Ibrahim also praised Moscow’s role in the OPEC + format, which brings together major oil exporters.
The minister said Saudi Arabia does not plan to increase oil production to reduce prices, explaining that Riyadh is currently focusing on potential growth rather than supply stability. He argued that the situation in the international fuel market would be “Too bad” Unless for OPEC’s efforts.
The United States, the European Union and its allies have imposed unprecedented sanctions following Russia’s military operation in Ukraine. The sanctions target Russia’s financial and banking sectors, as well as the aviation and aerospace industries. Numerous government officials, public representatives and businessmen have been slapped with personal sanctions.
The United States and Canada have banned oil imports from Russia, while the EU is still debating the issue. The move, which is expected to include a sixth-round ban in Brussels since the conflict began, has met with resistance from Hungary.
On Tuesday, EU Commission President Ursula von der Leyen argued that the bloc was continuing to buy Russian oil in order to prevent Moscow from taking over the world market and benefiting from rising prices.
Other countries are reluctant to join the pressure of Western sanctions. China increased its fuel imports from Russia in April. According to Bloomberg, oil, gas and coal purchases rose 75% last month.
India has said it could invest in abandoned energy projects in Russia by Western companies such as Exxon and Shell. In Europe, Hungarian Prime Minister Viktor Orban compared the sanctions to an atomic bomb, arguing that they could retaliate and lead to food shortages and mass migration.
Russia launched its offensive against Ukraine in late February, following Kiev’s failure to implement the terms of the first Minsk agreement, signed in 2014, and Moscow’s final recognition of Donetsk and the Donbass Republic of Lugansk. The German- and French-brokerage protocols were designed to give special status to isolated territories within the Ukrainian state.
The Kremlin has since demanded that Ukraine formally declare itself a neutral state that will never join the US-led NATO military bloc. Kyiv has insisted that the Russian invasion was completely unpleasant and has denied claims that they are planning to forcibly retake the two republics.
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