The Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces, Sheikh Mohamed bin Zayed Al Nahyan, has spoken to Russia’s President Vladimir Putin over the phone, stressing on the need for a peaceful solution to the Ukraine crisis in a manner that maintains the interests and national security of all parties.
Sheikh Mohamed bin Zayed emphasised that the UAE will continue its coordination with concerned parties in order to help find a sustainable political solution to the ongoing crisis.
During the call, Sheikh Mohamed bin Zayed also discussed a number of regional and international issues, as well as the bilateral relations between the two countries, according to the state-run news agency Wam.
The latest developments in the energy market were also discussed in light of Russian cooperation with the Organization of Petroleum Exporting Countries (OPEC). The Abu Dhabi Crown Prince and the Russian President discussed the importance of maintaining the stability in the energy market.
The Abu Dhabi Crown Prince also had calls with British Prime Minister Boris Johnson and French President Emmanuel Macron.
Impact of the Russia-Ukraine crisis on the energy market
Brent oil extended its relentless rally above $110 a barrel before an OPEC+ meeting as the International Energy Agency (IEA) warned that global energy security is under threat following Russia’s war in Ukraine, Bloomberg reported.
The Executive Director of the IEA, Fatih Birol, said that the situation of the energy markets was “very serious and demands our full attention” after the IEA, along with the US and other economies emergency oil stockpiles to ease soaring prices.
Russia is the world’s third-biggest oil producer and the second-most influential member of the OPEC+ alliance behind Saudi Arabia.
Russia’s markets remain under pressure after the US and its allies moved to block the Bank of Russia’s access to foreign reserves and cut some lenders off from the SWIFT messaging system for global banking.
Oil giants such as BP Plc and Shell Plc have revealed that they are planning to exit Russia, while banks in Singapore and across the globe are restricting trade financing for raw materials.
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