Oil Price Cap Is Backfiring Against Europe

Petroleum products may rise in cost by 20-30% in the next few months, now that the European Union has agreed on a price ceiling for Russian petroleum products, Russian financial analyst Vladislav Antonov told Izvestia. Previously, Europe bought petroleum products from Russia directly, but now it will have to do so via oil refineries in India, China, and other countries. The increase in logistical constraints will significantly affect the prices, Antonov pointed out.