Vladimir Putin warned that Russia might consider attacking ships of countries supporting Ukraine if the surge in attacks on Moscow's tanker fleet continues, according to local media reports.

There have been at least nine attacks on Russian commercial vessels, mostly tankers, in the past year. Most perpetrators have not claimed responsibility for the incidents, although a source familiar with the matter said Ukraine was behind two attacks last week. There has been a significant spike in the past week, with four similar incidents.

"What the Ukrainian armed forces are doing now is piracy," the Russian president was quoted as saying by Interfax. He said the first possible retaliatory measure would be to expand the scope of "Russian attacks on port facilities and ships" calling at Ukrainian ports.

"Secondly, if this continues, we will consider the possibility—I'm not saying we will do this, but we will consider the possibility of retaliatory measures against the ships of countries that help Ukraine carry out these acts of piracy," Putin said.

Brent oil futures erased an earlier 1.6% decline and traded virtually unchanged in London. Traders have been waiting for indications on whether US efforts to end the war in Ukraine will succeed.

The attacks began to escalate last weekend, with an attack on a fuel tanker off the coast of Senegal. The ship's manager said the vessel would be decommissioned in Russia.

That attack was followed by attacks on two large oil tankers in the Black Sea and then, on Tuesday, a small ship carrying sunflower oil.

If other companies become wary of going to Russia, it could increase the cost of transporting the country's commodities to global markets. "The most radical option is to cut off Ukraine from the sea, then piracy will be impossible in principle," Putin said. (alg)

Source: Bloomberg