Impacts of EU’s Third-Country Products Ban - with Benedict George from Argus Media
In January 2026, the EU will ban the import of petroleum products refined from Russian crude oil in third countries. What will the impacts be for industry, consumers and markets?
In this Enco Insights briefing video, Enco’s Managing Director, Bill Read interviews Benedict George, Editor of Argus Media’s European Products Report.
Enco Insights, London - 15 December, 2025
This briefing on the EU’s Third-Country Products Ban explores issues including:
Details of the new EU sanctions – How the ban on petroleum products refined from Russian crude in third countries will work and when it takes effect.
Market impacts and supply chain shifts – What this means for European fuel availability, global trade flows, and price volatility.
Compliance and enforcement challenges – How refiners, traders, and regulators will navigate traceability and avoid unintended consequences.
On January 21, 2026, the European Union (EU) will expand its sanctions regime by banning the import of petroleum products refined from Russian crude oil in third countries. It’s a move aimed at closing loopholes that have allowed Russian energy to reach European markets indirectly. This forthcoming measure represents a significant escalation in the EU’s efforts to curb Russia’s revenue streams amid ongoing geopolitical tensions.
Currently, Russian crude often finds its way into global supply chains through refineries outside the EU, particularly in regions like the Middle East and Asia, before being re-exported as finished products. The new restrictions will prohibit these imports, creating ripple effects across global trade flows, refining economics, and price dynamics.
The move looks likely to increase compliance complexity for traders and refiners. Will the policy tighten supplies in Europe, especially for diesel and other middle distillates? Could markets see heightened volatility as companies adjust sourcing strategies, and alternative suppliers - such as the U.S., India, and Middle Eastern producers - step in to fill the gap? What will be the impacts on enforcement, traceability, and the potential for unintended consequences, including higher costs for consumers?
To unpack these developments and their implications for energy markets, Bill Read, Managing Director at Enco Insights, speaks to Benedict George, Editor of Argus Media’s European Products Report.
“Turkey, because of its geographical location, is at the absolute heart of this question. There are three sizeable Turkish refineries that are right now debating what their optimal strategy will be to deal with the new sanctions.”
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