EU ban on Russian diesel and oil products comes into force

The President of the European Commission has hinted at the introduction of more sanctions later this month

Big Zero Report 2022

The European Union enacted its latest embargo against Russia banning the import of the country’s diesel and other oil products.

The EU together with the G7 have also adopted two price caps for seaborne Russian petroleum products.

One price cap is for “premium-to-crude” petroleum products, such as diesel, kerosene and gasoline and will be $100 (£83.1) per barrel.

The second price cap is designed for “discount-to-crude” petroleum products, including fuel oil and naphtha – this will be $45 (£37.3) per barrel.

The move is expected to hit Russia’s revenues even harder and slash dependency on energy products imported from Moscow.

Ursula von der Leyen, President of the European Commission, said: “We are making Putin pay for his atrocious war. Russia is paying a heavy price, as our sanctions are eroding its economy, throwing it back by a generation.

“Today, we are turning up the pressure further by introducing additional price caps on Russian petroleum products. This has been agreed with our G7 partners and will further erode Putin’s resources to wage war. By 24th February, exactly one year since the invasion started, we aim to have the tenth package of sanctions in place.”

Last month, campaigners suggested that a loophole in the UK’s current ban on imports of Russian oil might still allow some of these products to enter Britain.

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