Spain Denies Russian Diesel Entering Country

There is no evidence that Spain has been importing diesel from Russia after sanctions according to an inquiry by the government.

• It comes after Repsol’s CEO said Thursday that several tankers recently brought in fuel to the country via intermediary locations like north Africa and Turkey.
• Teresa Ribera, Spain’s energy minister said Friday that all documentation for shipments has been in order and checks with continue.
• As well as Repsol’s comments, Spanish newspaper El Mundo earlier on Friday reported that at least two ships are suspected of having offloaded Russian fuel in Spanish ports.
• India is on track to become Europe’s largest supplier of refined fuels this month – a country buying record levels of discounted Russian crude, muddying the interaction between Russian fuels original origin. India meanwhile is gaining from buying cheap Russian oil while supplying Europe with refined products.
• Repsol claims the volumes of Russian fuel entering Europe post sanctions is partly responsible for pressure on diesel margins which have been falling despite the Feb 5 which was supposed to leave Europe tight for product.