Traders increased the purchase of diesel fuel from russian federation due to the upcoming embargo

European traders are rushing to buy as much diesel as possible. The reasons are the approaching ban on the import of russian diesel fuel into the EU.

European traders are rushing to fill tanks in the region with russian diesel before the EU embargo takes effect in February, as alternative resources remain limited. This is reported by Ukrinform with reference to Reuters.

Shipments of russian diesel for the Amsterdam-Rotterdam-Antwerp region between November 1 and 12 rose to 215,000 barrels per day, a 126% increase from October, it said.

“Although Europe’s dependence on russian fuel has dropped from more than 50% before moscow invaded Ukraine in February, russia is still the continent’s largest supplier of diesel fuel,” the paper claims. The diesel fuel that the EU countries will import after the russian ban will come mainly from the USA, as well as the countries of the Middle East and India.

As part of the current sanctions, the EU will ban the import of russian petroleum products in February, and crude oil in December.