Russia’s decision to ban diesel exports to most countries could not have come at a worse time for Europe.
The European Union halted Russian seaborne imports of the fuel earlier this year as part of sanctions imposed on Moscow over Russia’s full-scale invastion of Ukraine. But the EU still needs a steady flow of Russian diesel to global markets to keep prices stable.
The Russian government announced the curbs — which also apply to gasoline — Thursday, saying they were aimed at stabilizing domestic fuel prices. The restrictions will stay in place for as long as the government deems necessary, Reuters reported Friday, citing a Kremlin spokesperson.
Diesel is Europe’s economic workhorse, powering the majority of vans and trucks ferrying goods and raw materials round the continent. It’s also a key heating fuel in some countries, and winter is approaching.
Moscow’s actions carry a wider economic threat, too — a possible uptick in inflation. Energy prices have already risen sharply in recent weeks, as Russia and Saudi Arabia have vowed to keep restricting crude oil supply until the end of the year.
edition.cnn.com/2023/09/22/energy/russia-diesel-export-ban-europe-impact-analysis/index.html
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