Russia to Flood Asia With Fuel as Europe Ramps Up Sanctions
- EU restrictions on crude, products to spur pickup in cargoes
- Shift to spark increase in product rebranding, ship transfers
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Russia is likely to ship more fuel to Asia and the Middle East in the coming months as Europe tightens sanctions to step up its response to the invasion of Ukraine.
The two regions have already been taking a greater share of Russian exports since the war broke out, according to data from S&P Global Commodities at Sea, highlighting the as-yet-unfinished reconfiguration of global energy flows. Now, the European Union is set to bar most imports of Russian crude from Dec. 5, followed by a prohibition on oil products that’ll kick in from February, ramping up the pressure on Moscow to redirect more of its energy output.