From February 5, 2023, the European Union will no longer purchase petroleum products such as diesel, gasoline or lubricants from Russia.
Russia imposed an indefinite ban on the export of diesel and gasoline to most countries, a move that risks disrupting fuel supplies ahead of winter and threatens to exacerbate global shortages.
In a government decree signed by Prime Minister Mikhail Mishustin, the Kremlin said Thursday that it would introduce "temporary" restrictions on diesel exports to stabilize fuel prices on the domestic market.
Market participants are concerned about the potential impact of Russia's ban, particularly at a time when global diesel inventories are already at low levels.
Oil prices jumped as much as $1 a barrel on the news on Thursday, before settling lower for the session.
Persons:
Mikhail Mishustin
Organizations:
European Union, Soviet, Economic Union, Brent, U.S, West Texas, Energy, Kremlin, Reuters
Locations:
European, Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Moscow, London