Europe’s Oil Cap May Cause Putin Little Pain
Fuel and oil wagons at the Surgut railway station in Russia.
Photographer: Andrey Rudakov/Bloomberg
European sanctions against Russian oil kick in today in a historic intervention in the global market. All eyes are now on how the Kremlin reacts.
The European Union and the UK will stop buying most seaborne Russian oil. More importantly, they will also block anyone else from using their insurance and shipping services to move Russian crude around the world unless it’s purchased under a price cap.