Business Insider: World Markets are expecting an Insanely Difficult Summer

Business | June 21, 2022, Tuesday // 12:27|  views

World markets are expecting an "insanely difficult" summer due to the partial embargo of the European Union on Russian oil, Business Insider reports, citing analyst Victor Chatenay.

According to him, the only hope for lower resource prices will be "insanely" high interest rates on loans.

"The immediate effect in the near future will be an insanely difficult and insanely stressful summer," says Chatenay.

The authors of BI believe that attempts to deprive Moscow of energy revenues did not have the expected effect.

"On the contrary, Russia now exports more oil than before the conflict in Ukraine, and thanks to the sharp rise in prices, receives about $20 billion a month from foreign buyers," Business Insider reported.

Experts interviewed by the publication believe that lower supply from Russia and higher demand could lead to further increases in oil prices, given the recovery of the tourism sector after the pandemic.

After the start of the war in Ukraine, the West stepped up pressure on Moscow. Some countries have announced a freeze on Russian assets, and many brands have withdrawn. The EU has already approved six packages of sanctions, including a gradual embargo on coal and oil imports.

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Tags: business, summer, high, Russia


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