Western sanctions against Russian oil products will negatively affect material important for Germany

German media said that the introduction of a price ceiling for Russian oil products threatens Germany with an increase in diesel fuel prices.

Starting today, Sunday, February 5, the European Union banned the import of Russian oil products for a transitional period of 55 days, and the European Union and the G7 countries set marginal prices for these products.

RND says the move could lead to higher diesel prices in Germany.

Thomas Pauls from the German Economic Institute adds that diesel fuel is currently in short supply on the world market. If the EU no longer buys it from Russia, the fuel will have to be sourced from far away, such as Saudi Arabia. The capacity of private boats is limited, routes are longer and transportation is correspondingly more expensive.

RND notes that diesel prices are higher in East Germany due to lower production at two refineries in East Germany.

And the European Commission has announced that the European Union will begin introducing a ceiling on prices for Russian oil products starting this Sunday.

Western countries are facing high energy prices and high inflation due to the imposition of sanctions against Moscow and the policy of ditching Russian fuel. Against the backdrop of rising prices for fuel, primarily gas, the European industry has largely lost its competitive advantages, which also affected other sectors of the economy.

Source: News

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