Julian Lee, Columnist

Europe’s Ban on Russia Oil Products Will Be More Disruptive

A ready market for Moscow’s refined products simply doesn’t exist outside the EU like it does for crude.

January 25, 2023 at 12:23 PM UTC

Julian Lee is an oil strategist for Bloomberg. Previously, he was a senior analyst at the Centre for Global Energy Studies.

An oil refinery operated by Bharat Petroleum Corp. in Mumbai.
Photographer: Dhiraj Singh/Bloomberg

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Hello and welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Oil Strategist Julian Lee examines the potential for a looming European Union ban on imports of refined products to disrupt global flows of a key transport fuel. To find out how energy costs are affecting Bloomberg’s economic forecast for the euro zone, click here. If you haven’t yet signed up to get Elements sent to your inbox, you can do that here.

The European Union is about to ban imports of refined oil products from Russia. That could be much more disruptive than its earlier halt to crude purchases.