CNN
Europe is scrambling to buy diesel fuel from Russia before a ban on imports comes into force in early February, but the frantic stockpiling is unlikely to prevent a new price shock for truckers, drivers and businesses.
In the first two weeks of January, European countries snapped up almost 8 million barrels of Russian diesel, according to energy data provider Vortexa, roughly on par with imports this time last year before Russia invaded Ukraine. Imports in the fourth quarter of 2022 were up nearly 19% on the same period the previous year.
Since Russia’s invasion in February last year, the European Union has made a huge effort to wean itself off Moscow’s oil and natural gas supplies. That has included a ban on all Russian seaborne crude oil imports, which came into force in December.
EU countries drastically reduced their imports of crude from Russia ahead of…
