The European Union is launching a ban on imports of Russian diesel fuel.
Starting Sunday, the 27-country EU is taking the step to further slash its energy dependency on Moscow. The measure also aims to crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine.
The ban comes along with a price cap agreed by the Group of Seven allied democracies. The goal is allowing Russian diesel to keep flowing to countries like China and India and avoiding a sudden price rise that would hurt consumers worldwide, while reducing the profits funding the war.
The new sanctions create uncertainty about prices as the 27-nation European Union finds new supplies of diesel from the U.S., Middle East and India to replace those from Russia, which at one point delivered 10% of Europe’s total diesel needs. Those are longer journeys than from Russia’s ports, stretching available tankers.
Tesla hikes price of Model Y
Tesla has raised prices on its Model Y in the U.S., apparently due to rising demand and changes in U.S. government rules that make more versions of the small SUV eligible for tax credits.
The electric vehicle company bumped up the price of the Model Y Long Range version by about 2% to $54,990 and the Performance version by about 2.7% to $57,990.
The moves made Friday come three weeks after Tesla cut prices nearly 20% on some versions of the Model Y, the company’s top-selling vehicle. The price cuts were made to boost sagging demand, and also to make more versions of the Model Y eligible for the full $7,500 electric-vehicle tax credit in the Inflation Reduction Act.
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