Seaborne diesel exports from Russia will rise significantly next month as it tries to get the fuel to market before an EU embargo takes effect in early February, Bloomberg.Agerpres reports.

According to oil industry data used by Bloomberg, diesel shipments from Russia’s main Baltic and Black Sea ports are expected to rise to 2.68 million tonnes in January, an 8% increase from December deliveries, which are the largest . of exports recorded over the past three years.

A future EU embargo on Russian diesel imports could be more damaging than a ban on buying Russian crude oil delivered by tankers, given that the bloc has long depended on Russian diesel supplies, and conversely, the EU is an important market for Russia.

The European Union will ban most imports of Russian oil products by sea starting February 5, 2023. The EU bloc, which has a structural shortage of diesel fuel, built up stocks in advance, importing cargoes of diesel fuel from both Russia and its biggest external supplier, but also from Asia and the Middle East.

On the other hand, once the European market is closed to oil products from Russia, companies such as Rosneft and Lukoil will have to ship their diesel over much longer distances if they can rent tankers with clean oil, which they will be needed, which will lead to destruction. their profitability.

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