The European ban on importing Russian refined oil products has come into effect.
Today, Sunday, European Union member countries implemented a ban on importing diesel fuels and other refined oil products from Russia.
This ban coincides with the approach of the first anniversary of the start of Russia’s military attack on Ukraine and is part of Europe’s efforts to reduce dependency on energy sources imported from Russia and to penalize Moscow.
This ban comes two days after the G7 countries set a price cap for these products on Friday, meaning non-Western countries such as China and India will still be able to import the diesel fuels they need from Russia. However, a price cap was set to limit Russia’s revenue sources. If this exemption was not given to these countries, global energy prices might have suddenly increased.