There will be changes: as embargo on Russian petroleum products will affect the fuel market in Ukraine
According to him, after the imposition of sanctions, European countries will have to compensate for the disappearance of Russian oil products from the market for companies. For example, replace almost 40% of diesel supply. This is likely to affect the cost of fuel at European gas stations and in Ukraine. "Europe is a very large market. It is about 3 million tons a month. We will probably have almost 5 million tons a year. And here 3 million a month is very significant volumes," he explained.
At the same time, said the chief consultant at the National Institute for Strategic Studies Gennady Ryabtsev, a shortage of resource in the spot market may occur due to embargo. "The fact is that all Ukrainian traders are making spot purchases in the market from day to day. So far, no Ukrainian trader has a long -term contract," the expert said. After February 5, when sanctions against Russian petroleum products are valid, the biggest deficit may concern diesel fuel.
We will remind, on December 5, 2022 the oil embargo on the supply of Russian oil to Europe began to operate. The price of oil from the Russian Federation was limited to about $ 60 per barrel. This means that the EU countries, the United Kingdom, the USA, Canada, Japan and Australia provide services related to Russian tanker oil only if it has been bought at a marginal price or lower. From February 5, 2023, the purchase of Russian oil products will also be prohibited.
Reuters journalists, citing Russian officials in January 2023, wrote that EU sanctions against oil products from the Russian Federation can hit the economy of the aggressor country even stronger than oil restrictions. Therefore, the Kremlin believes that oil processing will decrease by 15% due to sanctions. Meanwhile, the countries of the G-7 and the European Union have agreed on two ceilings of oil prices from Russia. The limits of Russian oil prices will also be revised.