Together with international partners, the EU wants to force Russia to sell petroleum products such as diesel to other countries below the market price. An agreement reached by government officials on Friday provides for a price cap of initially $100 per barrel (159 liters), according to Brussels. That’s the equivalent of around 91 euros at the moment. On international stock exchanges, a barrel of diesel for delivery to Europe was last traded at prices equivalent to around 100 to 120 euros. A price ceiling of initially $45 per barrel will apply to lower-quality products. The price cap is intended to complement the oil embargo against Russia that the EU decided in June. Among other things, this provides for a ban on the purchase, import or forwarding of crude oil and certain petroleum products from Russia to the EU. The restrictions have been in place for crude oil since December 5 and from Sunday also for petroleum products such as diesel. However, the State Secretary in the Federal Ministry of Economics, Michael Kellner, does not fear that the prices for petrol and diesel at the pump will rise because of the sanctions. “The prices should remain stable, at least that’s what I expect from the mineral oil companies, because it could be planned with a long lead time, eight months,” said the Green on the RBB Inforadio.
EU sanctions – price cap for Russian diesel exports – economy
