The United Arab Emirates is keen to cooperate with Russia on improving global energy security, UAE Foreign Minister Abdullah bin Zayed Al Nahyan said in Moscow on Thursday.

Russia’s operation in Ukraine has been faced by Western sanctions, which disrupted global energy markets and put a spotlight on Gulf energy exporters, such as the UAE and Saudi Arabia, as consumers look for supplies to replace Russian oil.

OPEC producers Saudi Arabia and the UAE have so far resisted U.S. pleas to use their spare production capacity to help contain oil prices, saying they are committed to an output pact under the OPEC+ alliance, which includes Russia.

“It is important to maintain the stability of energy and food markets,” the Emirati minister told a televised joint press conference with his Russian counterpart Sergei Lavrov.

“We welcome all mediation efforts in the Ukraine crisis … the UAE is ready to engage with the parties to strengthen opportunities for a peaceful resolution,” Abdullah said.

Source: Reuters