Energy Prices Gain as Europe Braces for Russian Oil Sanctions
- European natural gas, coal and carbon prices jump more than 6%
- Buyers unsure how to meet Russia’s rubles-for-gas demand
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Energy prices gained in Europe as the continent braces for more sanctions on Russia that could ultimately ban Russian oil.
The European Union this week is hammering out a proposal to gradually ban Russian oil by the end of the year, a move that could boost demand for other sources of energy including natural gas and coal. Prices for both commodities jumped more than 6% as the cost of pollution permits in the bloc also surged.