Europe’s ban takes effect Sunday following its embargo on coal and most oil from Russia
. The move is meant to further slash reliance on Russian energy and payments into the Kremlin’s war chest as the anniversary of the invasion of Ukraine nears.
European importers have had months since the ban was announced in June to line up new supplies. They have already cut Russia’s share of EU imports to 27 per cent in December from more than half before the war began. The cap was set at $100 per barrel for diesel and other products made from crude, such as jet fuel, in an agreement by the G-7 countries – the U.S., U.K., Japan, Canada, France, Germany and Italy – plus the EU and Australia.
The goal is the same with the diesel cap: “It is likely that Russia will have a harder time finding new buyers of its diesel than it did for crude oil and will be forced to accept discounts when doing so,” said Simone Tagliapietra, an energy policy expert at the Bruegel think tank in Brussels.WHAT HAPPENS IF DIESEL GETS MORE EXPENSIVE?
Rast Reisen had to add a 10- to 15-euro diesel surcharge to trips to popular destinations like northern Germany’s island of Sylt or Croatia’s coast because prices spiked after catalogues were printed. Next year, prices for trips will simply be higher.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EU agrees to set price caps on Russian refined oil productsEU diplomats said the price caps agreed by ambassadors for the 27 EU countries are $100 per barrel on products that trade at a premium to crude, and $45 per barrel for products that trade at a discount
Read more »
Europe reaches deal for price cap on Russian dieselEuropean Union governments tentatively agreed Friday to set a $100-per-barrel price cap on sales of Russian diesel to coincide with an E.U. embargo on the fuel -- steps aimed at ending the bloc's energy dependence on Russia and limiting the money Moscow makes to fund its war in Ukraine.
Read more »
G-7, Europe reach deal for price cap on Russian dieselU.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union.
Read more »
Ottawa expands price caps to Russian petroleum products to reduce revenuesThe federal Finance Department says Canada is joining its fellow G\u002D7 countries plus Australia to expand caps on Russian oil.
Read more »
Ottawa expands price caps to Russian petroleum products to reduce revenuesThe federal Finance Department says Canada is joining its fellow G-7 countries plus Australia to expand caps on Russian oil to include seaborne petroleum products from that country.
Read more »
Canada joining G-7 countries, Australia to expand price caps on Russian oil - National | Globalnews.caThe Department of Finance says the caps will be enforced by prohibiting buyers who do not abide by the price caps from obtaining services from companies in the G7 or Australia.
Read more »