Here's why Europe's new Russian fuel sanctions won't cripple Moscow
The European Union's next round of sanctions on Russia could hit Moscow's energy revenue, but they are unlikely to weigh on overall production, Matt Smith, lead oil analyst at Kpler, told Insider.
Already, Kpler has observed an uptick in volumes heading to Africa, with nations including Senegal, Morocco, Tunisia, and Libya seeing increased imports. Meanwhile, a price cap on Russian fuels will also be imposed. Similar to the crude oil price cap, the EU and G7 plan to bar other countries from accessing insurance and shipping services unless they abide by a cap on refined products.
In addition to diesel, Russia produces a range of other refined products, including jet fuel and fuel oil, requiring separate price caps for each.
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