Refining troubles: Huge sanctions looming for fuel that powers the world

India's role in supplying Europe is notable because it has become one of the biggest buyers of discounted Russian crude since the war broke out

An unprecedented chunk of the global diesel market, the workhorse fuel of the global economy, is just weeks away from being subject to aggressive sanctions. 

From Feb. 5, the European Union, the G-7 and its allies will attempt to impose a cap on the price of Russia’s fuel exports — the latest punishment for its invasion of Ukraine. That will coincide with an EU prohibition on almost all imports of Russian oil products. 

Similar measures are already in place on the country’s crude shipments, but it is the cap and ban on refined fuels — and in particular diesel — that has