EU refineries prepare for life without Russian crude

European refiners have strong incentives to adapt to the technological and logistical challenges of the continent turning away from Russia

European refineries are racing to secure alternative supplies and reconfigure their operations ahead of the start of the EU’s ban on seaborne Russian crude imports on 5 December. The refiners are incentivised by record-high margins for diesel and other products, as well as the looming ban on imports of Russian refined products from 5 February. Nevertheless, considerable logistical and technological challenges remain. The G7 countries announced an unspecified price cap on Russian oil shipments in early September as a kind of addendum to the decision to cut out Russian crude imports. However, traders and refiners alike report confusion in the markets as to the precise parameters of the restric