By Chris King • 08 March 2023 • 0:10
Image of a petrol cap with diesel written on it.
As stated this Tuesday, March 7, by Paula Pinho, the EU Energy Director, the EU still imports 40 per cent of its diesel fuel from Russia. She revealed this statistic during the CERAWeek international energy conference in Houston, Texas, as reported by RIA Novosti. According to Pigno, this is a significant amount of imports.
Oil sanctions against Russia came into force on December 5, 2022. From that point, the European Union stopped accepting Russian oil transported by sea, and the G7 countries, Australia, and the EU introduced price limits for sea transportation.
Moscow immediately responded by banning the supply of oil to foreign countries from February 1 if the contracts directly or indirectly provided for the use of a price cap fixing mechanism.
On December 19, the EU Council announced that the gas price ceiling in the European Union would be introduced from February 15 at the level of €180. A price ‘correction’ mechanism could be triggered if the gas price stayed at €180 for three days and the difference between the TTF exchange price and the average LNG price was more than €35.
This measure was aimed at protecting European consumers from gas price hikes. In early March, analyst Natalya Milchakova predicted oil prices in the range of $82-85 per barrel, as reported by gazeta.ru.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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