Platts has revised its methodology for assessing refined fuel prices in Europe, excluding diesel and other oil products derived from Russian crude from its benchmark calculations.
The change takes effect December 15 for seaborne cargoes and January 2 for barge deliveries. Under the new rule, any product eligible for inclusion in Platts’ daily assessments must carry an implicit assurance that it complies with the European Union’s import ban on fuels made from Russian crude.
Previously, Platts assessed products based solely on their physical specifications, without regard to the origin of the crude used in refining. As long as the product met published quality standards, it was eligible for inclusion in the benchmark.
Platts said its core assessment process remains unchanged. The agency will continue to rely on end-of-day bids, offers, and completed trades to determine benchmark prices. However, only products confirmed as non-Russian in origin will now qualify for assessment.
The revision effectively removes fuels refined from Russian crude—often processed in third countries—from the pool of products used to set European benchmark prices. While such fuels may still circulate in global markets, they will no longer influence European price references published by Platts.
Platts said the adjustment aligns its benchmarks with the EU’s expanded 2025 sanctions framework, which prohibits imports of products derived from Russian crude, including those refined outside Russia. The agency stated that its benchmarks must reflect products that are legally eligible for import by European buyers.