Global oil markets are bracing for more upheaval in the next couple of weeks after the European Union bans all Russian refined oil products in retaliation for the war in Ukraine. Starting Sunday, the 27-nation bloc will prohibit imports of Russian gasoline, diesel and other products used throughout Europe.
At the same time, the Group of Seven advanced countries, along with the EU and other allies will institute a global price cap on Russian refined oil products. That will bar access to ships, marine insurers and services unless the refined oil products are purchased for a price at or below an agreed limit. A similar system went into effect for Russian crude oil in December.
