The cap on the price of Russian oil, a mechanism wanted by the G7 countries to limit Moscow's income, is "
a bad idea
" which would restore control to the Russian president, said Wednesday the CEO of TotalEnergies Patrick Pouyanné.
"
I think it's a bad idea because it's a way to give back the advantage to (Russian President) Vladimir Putin
," said Patrick Pouyanné, who was speaking at the Energy Intelligence Forum conference, which takes place in is held in London and lasts until Thursday.
“
What I'm sure of is that if we do that, then Putin will say
'
we're not selling our oil
'
and the price won't be $95, it'll be $150.
It's not something I would give to Vladimir Putin
,” he added.
In September, the G7 countries had decided to "
urgently
" cap the price of Russian oil, a complex mechanism to put in place, in particular by inviting a "
broad coalition
" of countries to implement it, to limit revenues linked to the sale of hydrocarbons, which finance Moscow's offensive in Ukraine.
Concretely, Russia would sell its oil to these countries at a price lower than that at which it sells it today, but which would remain higher than the production price, so that it has an economic interest in continuing to sell it to them.
An idea castigated by Moscow
But India and China, among the world's biggest oil importers, seem unwilling to fall behind the G7 at this stage, with both countries notably benefiting from discounted prices on Russian oil.
Read alsoEuropean sanctions: Brussels proposes to the 27 to cap the price of Russian oil
Russia's Deputy Prime Minister for Energy, Alexander Novak, earlier on Wednesday slammed an idea that "would violate market mechanisms" and could have "
a very harmful effect
" on global industry.
Referring to possible "
oil shortages
" in the event of the adoption of such a measure, also envisaged by the EU, Alexander Novak once again warned that Russian companies "
will not supply oil to countries that use this instrument
" .
.
Shell boss Ben van Beurden was skeptical about the same proposal on Tuesday, saying he had "
difficulty understanding
" how such a mechanism could be effective.
“
Intervening in complex energy markets will be very difficult
,” he continued, calling on governments to consult experts before acting.
