A key oil price determining company will not take into account fuel from Russia

Platts, one of the world's leading companies that sets benchmark prices for physical commodities, will start ignoring fuel produced from Russian oil in its assessments. About writes Bloomberg.

Starting from December 15, oil products, and starting from January 2, fuel brought by tankers, if it is of Russian origin, will not be taken into account in the formation of Platts price indicators.

Thus, the agency, which is part of the S&P Global group, removes one of the potentially cheaper sources of fuel from the market, Bloomberg notes. This decision is in line with the European Union's policy.

In November, the ICE (Intercontinental Exchange Inc.) established even stricter rules than those required by EU regulations. The European Union itself allows diesel fuel to be imported into its territory if the refinery used oil other than Russian. The main thing is that a particular batch does not contain raw materials from Russia.

Platts said that the bids and proposals it considers as part of the evaluation "must contain an implicit guarantee that the petroleum product will comply with the EU import ban."

The new EU sanctions, which come into effect in January 2026, will ban imports of Russian oil-based fuels as part of efforts to cut off revenues that are used to finance the Kremlin's war in Ukraine.

• Council of the European Union and the European Parliament on the night of December 3 finalized the agreements on a gradual ban on Russian gas imports and preparations for a ban on Russian oil.