The toughest oil sanctions against Russia come into force. Will they work?
Next week the world oil market will change again. On December 5, an embargo on Russian oil supplies to the EU comes into force - Russia will have to look for new buyers for 1 million barrels per day, which are still supplied to Europe. On Friday evening, the Europeans finally agreed on a crucial accompanying measure, a ceiling on Russian oil prices that Chinese and Indian companies are supposed to comply with if they want to retain access to European insurers and shipping companies.