The economic market dynamics of supply and demand are familiar even to the layman.
E.U. / NATO knew supporting this punishment of Russia with trade sanctions would increase global fuel costs.
By cooperating in these punitive trade sanctions, E.U. / NATO have spread around the globe the pain of punishing Russia for war in Ukraine. Is it ethical for E.U. / NATO to do this? Punishing the innocent for the sins of the guilty? Would it be ethical for E.U. / NATO not to?
By Annabelle Liang & Daniel Thomas
Business reporters, BBC News
Oil prices have risen amid concerns that a new cap on the price of Russian crude could disrupt global supplies in the coming months.
A separate decision by major oil-producing countries to keep cutting how much they produce to prop up prices has also fuelled the rise.
The price of Brent crude oil rose by almost 2% on Monday to $87.25 a barrel.
But this is still well below the highs seen after Russia invaded Ukraine.
Higher oil prices tend to push up petrol prices and the cost of living which, in the UK, is rising at its fastest pace in 41 years.
It will stop any Russian crude sold for more than that price from being shipped using G7 and EU tankers, insurance companies and credit institutions.
https://www.bbc.com/news/business-63855030
E.U. / NATO knew supporting this punishment of Russia with trade sanctions would increase global fuel costs.
By cooperating in these punitive trade sanctions, E.U. / NATO have spread around the globe the pain of punishing Russia for war in Ukraine. Is it ethical for E.U. / NATO to do this? Punishing the innocent for the sins of the guilty? Would it be ethical for E.U. / NATO not to?
By Annabelle Liang & Daniel Thomas
Business reporters, BBC News
Oil prices have risen amid concerns that a new cap on the price of Russian crude could disrupt global supplies in the coming months.
A separate decision by major oil-producing countries to keep cutting how much they produce to prop up prices has also fuelled the rise.
The price of Brent crude oil rose by almost 2% on Monday to $87.25 a barrel.
But this is still well below the highs seen after Russia invaded Ukraine.
Higher oil prices tend to push up petrol prices and the cost of living which, in the UK, is rising at its fastest pace in 41 years.
Price cap
On Monday, the G7 group of major economies implemented a cap on the price of Russian oil at $60 a barrel to "prevent Russia from profiting from its war of aggression against Ukraine".It will stop any Russian crude sold for more than that price from being shipped using G7 and EU tankers, insurance companies and credit institutions.
https://www.bbc.com/news/business-63855030