The ban comes along with a price cap agreed by the Group of Seven allied democracies.
The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would hurt consumers worldwide, while reducing the profits funding Moscow’s budget and war.
Prices also could be driven up by reviving demand from China as the economy rebounds after the end of draconian COVID-19 restrictions. “Once we have these price caps set, we can squeeze the Russian price and deny them, deny Putin money for his war without a price spike that’s going to hurt Western economies and developing economies,” said Thomas O’Donnell, a global fellow with the Washington-based Wilson Center.
Diesel fuel at the pump has been flat since the start of December, costing 1.80 euros per liter as of Jan. 30, according to the weekly oil market report issued by the European Union’s executive commission. Pump prices in Germany, the EU’s largest economy, fell 2.6 cents to 1.83 euros per liter as of Jan. 31.
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