The European Union is taking another big step toward cutting its energy ties with Russia. The 27-nation bloc is banning Russian refined oil products like diesel fuel and joining the U.S. and other allies in imposing a price cap on sales to non-Western countries.
Europe's ban takes effect Sunday following its embargo on coal and most oil from Russia. The move is meant to further slash reliance on Russian energy and payments into the Kremlin's war chest as the anniversary of the invasion of Ukraine nears.
U.S. suppliers have stepped up shipments to record levels, from 34,000 barrels a day at the start of 2022 to 237,000 barrels per day so far in January, according to S&P Global. The price ceiling is US$45 per barrel for other products that are made from crude but trade below the price of oil, such as fuel oil used in power station boilers and industry.If the cap works as advertised, global diesel flows should reshuffle, with Europe finding new suppliers and Russian diesel finding new customers, without a major loss of supply.
Fuel prices have been a major factor behind painful inflation in Europe that has robbed consumers of purchasing power and slowed the economy.
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