Maduro offers Venezuelan oil and gas to the US and Europe amid the crisis.
"There is a gas supply crisis, an oil supply crisis, a crisis that could be tragic and frightening," said Maduro.
Sputnik Brazil - Venezuelan President Nicolás Maduro has offered the country's oil and gas for export to the United States and Europe, should the need arise to stabilize global fuel prices.
"There is a gas supply crisis, an oil supply crisis, a crisis that could be tragic and frightening, and I say to Europe, to the European Union and to President Joe Biden [of the USA]: Venezuela is here and is putting our oil and gas to stabilize the world and help them in whatever is necessary," said Maduro during a speech this Friday (9).
Earlier on Friday, the U.S. Treasury Department announced that, in addition to implementing the price cap on Russian fuels, the U.S. will maintain the previously imposed ban on oil imports from Russia.
"This ban will remain in effect along with the implementation of the maritime services and pricing policy," the agency said.
The price ceiling will take effect on December 5 for crude oil and on February 5, 2023 for refined products.
Moscow, in turn, promises to stop exporting Russian oil to states that apply price limits.
Since the start of the Russian special military operation in Ukraine on February 24, the US and its allies have intensified the application of sanctions against Moscow. These measures include economic restrictions on Russian international reserves and its exports of oil, gas, coal, steel, and iron.
These measures have caused problems in the West, with soaring inflation driven by rising food and fuel prices.
The Kremlin classifies the sanctions as an "unprecedented economic war" and has taken measures in response, prohibiting foreign investors from withdrawing money from the Russian financial system and forcing European gas buyers to pay in rubles.