EU’s oil cap may result in ‘violent’ price spikes – Economist ...News

Russia Today - Economy
EU’s oil cap may result in ‘violent’ price spikes – Economist
source : Russia Today ( News ) () 24
Restricting Russian seaborne crude supply may shatter the energy market, according to the outlet As the European Union’s sanctions on Russian oil are about to kick in next week, the measure could result in price shocks on the global market, The Economist reported on Friday. The EU has agreed on a $60-per-barrel price cap on Russian seaborne oil. According to the report, European insurers and shipping firms have long had a “vice-like hold” on energy markets. Fully 95% of property and indemnity insurance for all oil tankers has been handled by firms from the UK and the EU. This appeared to be a lever with which the

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