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Investing.com -- The European Union announced that its new measures to restrict the flow of fuel produced from Russian crude oil will not take effect until January 21, 2025, easing market concerns about immediate tightening in the diesel market.
The EU published legal texts over the weekend detailing the implementation timeline, following Friday’s announcement that the bloc would move forward with a ban on importing refined products, particularly diesel, that are produced in third countries using Russian crude oil.
This measure effectively closes a major loophole in existing sanctions against Russian oil supplies. Since previous restrictions were implemented, countries like India have been purchasing Russian crude at discounted prices, processing it into refined fuels, and then selling these products to European markets.
The delayed implementation appears to have calmed market concerns, as diesel futures premiums over crude oil declined on Monday following the announcement.
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