European traders start stockpiling Russian diesel amid possible EU ban

 Traders have started stockpiling Russian diesel amid a possible EU ban and limited alternative sources.

According to the Reuters news agency, the European Union will impose a ban on petroleum products imported from Russia, which are most dependent on diesel, by February 5.

While the import of Russian crude oil will be banned till December this year.

Pamela Munger, senior manager of the British company Vortexa, says that the amount of Russian diesel stored in Europe between November 1 and 12 has increased by 126 percent compared to October.

Russian diesel accounted for 44 percent of Europe's imported fuel used in vehicles in November, compared to 39 percent in October.

Even before the invasion of Ukraine in February this year, Europe's dependence on Russian fuel was reduced by more than 50%, but Russia is still the largest supplier of diesel to Europe.

Economic analyst Eugene Lindel says that in order to find an alternative to Russia, the EU would have to stockpile about 500-600 barrels of diesel per day that could be imported from the US, the Middle East and India.