Economics
Consumers Squeezed Even More Between Russian Oil Ban and Chinese Reboot
- Europe expected to scour other markets for replacement supply
- Brent oil has already surged almost 60% since the end of 2021
Germany is trying to take the sting out of the fuel surge by offering a massive discount on public transport.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Europe’s planned ban on Russian oil imports and the easing of Covid-19 restrictions in China threaten to add a fresh jolt to surging consumer prices.
European Union leaders agreed on Monday to pursue a partial ban on Russian oil imports to punish the Kremlin for the invasion of Ukraine. The move will continue a process of Europe buying less and less from Moscow and further redraw global flows of the commodity, just as inflation in the euro area hit an all-time high.