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Oil price crucial for Russia, but national interests come first, Kremlin says
Published by Global Banking & Finance Review®
Posted on May 6, 2025
2 min readLast updated: January 24, 2026
Global Banking & Finance Review®
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Published by Global Banking & Finance Review®
Posted on May 6, 2025
2 min readLast updated: January 24, 2026
Russia prioritizes national interests over oil prices, crucial for its economy, while working with OPEC+ to stabilize the market.
MOSCOW (Reuters) -Oil prices play a crucial role in Russia's budget and the Russian economy overall, but Russian national interests take precedence above all else, Kremlin spokesman Dmitry Peskov said on Tuesday.
Peskov was commenting on remarks by U.S. President Donald Trump, who suggested that President Vladimir Putin might be more inclined to resolve the conflict in Ukraine following the recent drop in oil prices.
"Oil prices cannot be a factor that can influence Russia's attitude towards its national interests," Peskov said. "Russia's national interests are above all else, above any oil prices."
Russia, Peskov said, was working with OPEC+ to ensure prices remained at an optimal level.
"Of course, the international oil price is a very important factor for budget formation in our country and for the Russian economy as a whole," Peskov said.
"It remains relevant, and here, of course, Russia, as you know, has been working in the OPEC+ format for a long time to maintain prices at an optimal level. Excessively high prices and very low prices, of course, adversely affect the global economy as a whole, so this work continues here."
When asked about efforts to find a settlement to end the Ukraine war, Peskov said that work was continuing with the United States.
(Reporting by Dmitry AntonovWriting by Maxim Rodionov; editing by Guy Faulconbridge)
The article discusses Russia's prioritization of national interests over oil prices, despite their economic importance.
Russia sees oil prices as crucial for its economy but not as a factor influencing its national interests.
Russia continues efforts to resolve the Ukraine conflict, unaffected by oil price changes.
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