Russia says it won't start a war amid Ukraine tension

Biden, EU pledge cooperation on energy security amid the standoff

Russian President Vladimir Putin told President Emmanuel Macron he wanted to continue dialogue with the West and did not want the situation near Ukraine to escalate, a French presidency official said after the two leaders spoke on Friday. 

Ukrainian President Volodymyr Zelenskiy, on the other hand, said he could not rule out a further escalation of tensions with Russia but he criticised what he said was too much "panic" weighing on the economy.

“I don't consider the situation now more tense than before,” Zelenskiy said.

This after the country earlier in the day sent its strongest signal so far that it is willing to engage with US security proposals and reiterated that it does not want war over Ukraine.

Moscow has massed troops near Ukraine and sought security guarantees from the West, including a promise that Nato will never allow Russia's former Soviet neighbour to join the US-led alliance.

Putin spoke to Macron after the United States and Nato submitted responses to Russia's security demands after weeks of personal public silence on the crisis.

"President Putin said he wanted to continue dialogue and that we needed to work towards the implementation of the Minsk accords," the official said after a call between the two leaders, referring to four-way talks between France, Germany, Russia and Ukraine on the conflict in eastern Ukraine that began in 2014. "He said he didn't want an escalation."

The Kremlin said Putin told Macron the United States and Nato had not addressed Russia's main security demands in their standoff over Ukraine but that Moscow was ready to keep talking.

Meanwhile, US President Joe Biden and his European Union counterpart Ursula von der Leyen on Friday pledged to cooperate on guaranteeing Europe's energy security as well as Ukraine's amid the standoff triggered by Russia amassing troops at Ukraine's border.

"The United States and the EU are working jointly towards continued, sufficient, and timely supply of natural gas to the EU from diverse sources across the globe to avoid supply shocks, including those that could result from a further Russian invasion of Ukraine," they said in a joint statement.

Also, Ukrainian President Zelenskiy spoke with Putin, after which he said said the US and Nato had not addressed Moscow's main security demands in the East-West standoff over Ukraine, but that he was ready to keep talking.

Speaking at a news conference, Zelenskiy said: "I don't consider the situation now more tense than before. There is a feeling abroad that there is war here. That's not the case." "I am not saying an escalation is not possible...(but) we don't need this panic."

Earlier in the day, Russian Foreign Minister Sergei Lavrov told radio stations in an interview: "If it depends on Russia, then there will be no war. We don't want wars. But we also won't allow our interests to be rudely trampled, to be ignored.".

The United States and its allies have warned Putin that Russia will face swift and tough economic sanctions if he attacks Ukraine.

Lavrov said the West was ignoring Russia's interests but there was at least "something" in written responses submitted by the United States and Nato on Wednesday to Russia's proposals.

Oil trades over $91 in a new 7-year high

Oil prices reached seven-year highs on Friday as geopolitical tensions continue to raise supply concerns.

Brent crude futures were up $1.91, or 2.1%, at $91.25 a barrel by 1436 GMT, having hit $91.41 on Friday for their highest since October 2014.

US West Texas Intermediate (WTI) crude futures rose $1.83, or 2.11%, to $88.44 a barrel. WTI also reached a fresh seven-year high of $88.76 earlier in Friday's session. Both Brent and WTI are on track for their six-weekly gain in the longest run of weekly gains since October. Supply scarcity has pushed the six-month market structure for Brent into steep backwardation of $6.62 a barrel, the widest since 2013. (Reuters)