The plant has been processing Russian oil for decades. The industry association assumes that Russian oil will be replaced in time.
(Photo: dpa)
Schwedt, or A good nine months after the Russian attack on Ukraine, the European Union is getting serious. An oil embargo against Russia is to take effect gradually starting this Monday. At the same time, the EU and its G7 partners decided on an oil price cap.
They want to dictate to Russia the price at which it can sell its oil on the world market – no more than 60 US dollars (57 euros) per barrel (159 liters). The aim is to dry up the Kremlin’s war chest and stabilize energy prices worldwide.
But aren’t the Europeans cutting themselves in the flesh with that? In Germany, some fear bottlenecks and higher prices at the gas station because of the embargo in the middle of the gas and electricity crisis. Concerns are particularly great at the PCK refinery in Schwedt, Brandenburg, which has been processing Russian oil for decades. An overview.
EU embargo and oil price cap: What is the timeline?
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