This is reported by RBK-Ukraine referencing the report from the Institute for the Study of War (ISW). This information is also conveyed by Kontrakty.UA.
The report reminded of U.S. President Donald Trump's statement that oil prices are currently "high enough" for Russia to continue military actions in Ukraine and his call for OPEC to "lower oil prices."
During an interview on January 24, Putin responded to Trump, stating that Russia and the U.S. are major producers and consumers of oil, and that "too high prices are bad" for both the American and Russian economies.
The dictator claimed that Russia and the U.S. rely on energy resources for their domestic industries and that "too low prices" would undermine the investment opportunities for energy companies.
In this way, Putin attempted to portray a more modern and diversified U.S. economy as functioning similarly to Russia's economy, which is an oil and gas state heavily dependent on revenues from energy exports.
Putin's Major Concerns
ISW is convinced that falling oil prices will lead to a decrease in Russia's federal budget revenues and the risk of destabilizing the stability of the Russian regime, as well as a reduction in Russia's share of the global oil market and its economic influence on the world stage.
Additionally, the Institute notes that Putin's emphasis on the need to maintain prices for the sake of energy companies' investments also demonstrates how much he feels it necessary to cater to the elite of his closest circle, who have personal interests in the energy sector.
The agency is also convinced that Putin's focus on the interests of his closest circle contrasts with the greater attention American leaders pay to the electorate and a broader range of business interests that benefit from lower energy prices.
"Putin's attempt to present the drop in oil prices as contrary to U.S. interests indicates that he fears the harm such a policy could inflict on Russia. He is trying to convince Trump to abandon these proposals without yielding to the president's insistence on substantive negotiations regarding ending the war," ISW stated.
U.S. Proposal to Lower Oil Prices
Recently, U.S. President Donald Trump called on Saudi Arabia and OPEC to lower oil prices. He believes that, in this way, the war between Ukraine and Russia will end sooner.
The official Kiev proposes to set the price at $30 per barrel, which would prevent Russia from further financing its war against Ukraine.
At the same time, the Saudi Ministry of Economy is interested in the long-term stability of the oil market.