President Vladimir Putin spoke by phone with Saudi Arabia’s Crown Prince Mohammed bin Salman on Thursday, buttressing a crucial geopolitical alliance as Western sanctions batter Russia’s economy.
Putin’s invasion of Ukraine has left Russia more economically isolated than it has been in decades, with many of its banks cut off from the global financial system and traders reluctant to handle its oil shipments.
OPEC+, which is led by Saudi Arabia and Russia, largely ignored this escalating crisis at a meeting on Wednesday. But the cartel is under growing pressure to boost production to ease crude prices, a move that could potentially create tensions between Moscow and Riyadh.
“Putin stressed the unacceptability of politicizing global energy supply issues” in the call, according to a statement from the Kremlin. The discussion emphasized “mutual interest in further comprehensive development of the Russian-Saudi partnership.”