Gasoline prices in the UK and the EU have risen to new highs as the Russia-Ukraine crisis continues to hit oil prices, threatening to further push up heating bills in Europe. Most Five Eyes countries, several European nations, and Japan on Feb. 22 hit Russia with new sanctions for ordering troops into two separatist regions of Donetsk and Lugansk in eastern Ukraine. The UK said it was preparing to impose further economic sanctions that would target more Russian banks and individuals, as well as companies in the energy, defense, technology, and chemical sectors in the event of further invasion into Ukraine. Russia is the world’s second-largest oil exporter after Saudi Arabia and is the world’s top producer of liquified natural gas (LNG). The latest gas price surge comes a day after Germany suspended its certification of the Nord Stream 2 pipeline, a new gas pipeline connecting the country with Russia, and …
UK, EU Gasoline Prices Spike to Record High Amid Russia’s Destabilization of Ukraine
February 23, 2022
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Business & Economyeconomic policieseconomyEuropeinflationMarketsoil pricesRussian natural gasUKUK energyWorld
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