Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries
That depends. Diesel, like crude oil, is sold globally, and Europe could look for new sources, such as the U.S., India or countries in the Middle East. If that goes smoothly, the impact on prices might be temporary and modest.
There is a complicating factor: The Group of Seven major democracies are talking about imposing a price cap on Russian diesel heading to other countries,. As with oil, the idea is to keep Russian diesel flowing to world markets but reduce Moscow’s revenue. “When Russian exports are constrained, for whatever reason, that would of course cause some trouble in this whole reshuffle process,” said Hedi Grati, head of fuels and refining research for Europe at S&P Global Commodity Insights. “Europe would be competing with other big importers, and that would cause upward pressure on pricing.”
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