Finance

"Europeans are in for hard times": experts assessed the consequences of the embargo against Russia - Forbes

The ban on Russian oil imports by sea, imposed as part of the sixth package of EU sanctions, will hit European consumers and businesses, causing a noticeable increase in energy prices, said Guntram Wolf, head of the Bruegel think tank.

According to his forecast, the restrictions will lead to a further increase in inflationary pressures and a "significant loss of purchasing power" for residents. The authorities are likely to try to soften the price shock through discounts on fuel, lower taxes and subsidies, which may lead to an increase in government debt, the expert expects.

The loss of the EU oil market could become a problem for Moscow, but it's "still a long way off," experts say.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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