The European Union adopted a new package of sanctions targeting Russia’s energy infrastructure, joining a new US push to chip away at Moscow’s ability to wage its war against Ukraine.
The EU’s move to restrict fuels such as diesel made from Russian crude could have some market impact, as Europe imports the fuel from India, which in turn buys large amounts of Russian crude. Diesel markets have been showing signs of tightness for several weeks, and prices strengthened in early European trading relative to crude.