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Russian oil sanctions unlikely to impact Finnish petrol prices, think-tank says

EU sanctions on Russian oil are set to take effect Monday 5 December.

Bensa-aseman täyttökahvoja.
Image: Sasha Silvala / Yle
Yle News,

A G7 price cap on Russian oil [60 USD per barrel for crude oil] will come into force on Monday on top of an EU import ban on Russian seaborne crude oil and oil products.

The move, designed to reduce Russian oil revenues, is unlikely to directly impact the price of petrol or other consumer prices in Finland, according to the Research Institute of the Finnish Economy (Etla).

Ville Kaitila, a researcher at the think-tank, told Finnish news agency STT that with the sanction timeline known for months, any potential price increases have already happened.

"Retail petrol prices have decreased. In the capital region gasoline now costs less than two euros per litre, which is significantly less than this past summer," he said.

Kaitila added that the global oil market, as well as the economic situations in China, North America and Europe are currently impacting petrol prices more than sanctions.

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