Europe is set to ban Russian oil products, the latest strike on the Kremlin war chest

https://www.npr.org/2023/02/03/ [login to see] /europe-russian-oil-products-ban
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.

European countries are looking to set the cap at $100 per barrel on premium oil products such as diesel and $45 per barrel on products like fuel oil, according to several news reports Friday, ahead of an official announcement.

Sales of oil and natural gas make up the lion's share of Russia's government budget. The United States, the EU and other allies are targeting Russian energy in a bid to tighten the economic noose around the Kremlin, making it harder to finance its war in Ukraine. But the measures could also lead to price spikes.