Putin, Abu Dhabi leader vow 'energy market stability'

ABU DHABI — Russian President Vladimir Putin and Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed vowed Tuesday to maintain energy market stability, the UAE's state news agency said.

They agreed in a phone call on the "need to maintain the stability of the global energy market", said the news agency WAM, as oil prices surge due to Russia's invasion of Ukraine.

Sheikh Mohammed was also briefed by Putin on "the developments of the crisis with Ukraine", WAM reported.

The crown prince stressed the need for a "peaceful solution ... in a way that guarantees the interests and national security of all parties".

A statement by the Kremlin’s press service, carried in English by Russian news agency Interfax, also noted that the two leaders discussed the Ukraine situation.

The Kremlin’s press service meanwhile said the crown prince had also “stated the right of Russia to ensure its national security”.

“Vladimir Putin gave a detailed account of the reasons, goals and targets of the Russian special operation,” the Kremlin added.

The UAE, like other Gulf nations, has important relations with both Washington and Moscow.

US troops are stationed in the country, but Abu Dhabi also cooperates closely with Russia, particularly as members of the OPEC+ alliance of oil producers.

On Friday, the UAE abstained along with China and India from a vote at the UN Security Council demanding Moscow withdraw its troops from Ukraine.

The joint vow by Putin and Abu Dhabi to maintain energy market stability comes on the eve of an OPEC+ meeting.

It also comes as the price of a barrel of Brent crude leapt to $104.60 at one stage on Tuesday, closing back in on the 2014 peak of $105.79 that was touched last Thursday as Russia launched its assault on Ukraine.