Next week, fuel prices will rise again. Gasoline is expected to increase by 14 cents. In diesel fuel, it should be another 12 cents per liter from Monday. The price of oil soared again this week after the approval of the sixth round of sanctions against Russia.
The decision of the European Union (EU) was immediately reflected in the price of oil, which soared to $124 per barrel shortly after the agreement was announced.
On Monday, European leaders reached an agreement to impose an embargo on Russian oil that enters Europe by sea. Providing more details on the embargo, European Council President Charles Michel explained that it would immediately affect 75% of imports and that the aim was to the number increases to 90% until the end of the year.
Thus, by the end of 2022, the European Union will reduce Russian oil imports by 90%. Negotiating the agreement was difficult, but European leaders eventually gave the green light to the embargo. Outside the agreement are Hungary, the Czech Republic and Slovakia.
The partial embargo fell short of the goal set by the President of the European Commission. In early May, Ursula von der Leyen called for a complete ban on oil from Russia. The resistance of some countries did not allow to go so far.
The agreement applies only to imports by sea and does not include Hungary, the Czech Republic and Slovakia – the countries most dependent on Russia and accepting the embargo only under these conditions. The three countries will be able to continue importing Russian oil without restrictions until they find alternatives.
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