Locked
Huge sanctions are looming for the fuel that powers the world
An exorbitant piece of the global diesel market is merely a few weeks away from becoming subject to harsh, unprecedented sanctions.
By Alex Longley and Jack Wittels
An unprecedented chunk of the global diesel market, the workhorse fuel of the global economy, is just weeks away from being subject to aggressive sanctions.
From Feb. 5, the European Union, the G-7 and its allies will attempt to impose a cap on the price of Russia's fuel exports — the latest punishment for its invasion of Ukraine. That will coincide with an EU prohibition on almost all imports of Russian oil products.
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