Starting Sunday, the EU will prohibit imports of Russian gasoline, diesel and other products from Russian refineries used throughout Europe.
The new EU ban will apply to anything produced from Russian crude oil, says Richard Bronze, head of geopolitics at Energy Aspects, a consultancy in London.A pump nozzle at a gas station is labeled"Diesel B7" in Schleswig-Holstein, Germany. Much of Europe transportation runs on the fuel.
"France usually imports around 20% of total seaborne diesel exports from Russia. So being able to phase out completely that much of diesel will be a challenge," he says. "Those could be in East Africa, in Asia, they could be in Latin America," Grati says."What you're looking at is one great big reshuffle to get desirable barrels to Europe, and then barrels deemed undesirable from Russia to those other markets."
It also reflects differences between the way international customs rules apply to crude oil versus refined products, he explains.
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