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.
Europe has already cut Russian diesel imports almost in half, from 50% of total imports before the war to 27%. 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 SThe EU’s top energy official, Kadri Simson, says markets have had time to adjust after the ban was announced in June.
“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 Russia says it won't sell oil to countries observing the price ceiling, but the cap and falling demand from a slowing global economy has meant customers in China, India and elsewhere can buy Russian oil at steep discounts, cutting into the Kremlin's revenue.
“That is a gigantic increase,” said Christopher Schuldes, the third generation of his family to run German trucking company Schuldes Spedition.
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freedom isn't free
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