Platts guidelines on EU import ban of oil products derived from Russian crude for European assessments

Platts, part of S&P Global Energy, wishes to notify subscribers of its approach to reflecting the import ban on oil products derived from Russian crude oil in its European price assessment process. The ban is in accordance with EU Council Regulation 2025/1494 (the EU 18th package of sanctions against Russia), and the exemptions therein, adopted on July 18, 2025.

This follows a solicitation for feedback through the subscriber note published Nov. 12, 2025, available at the following link: https://www.spglobal.com/commodity-insights/en/pricing-benchmarks/our-methodology/subscriber-notes/... .

Platts consulted on three main points:

1. Timelines for the exclusion of oil products produced from Russian crude oil in European oil product assessments, as defined by EU Council Regulation 2025/1494
2. Which products derived from Russian crude in all European oil product assessments, irrespective of CN codes, should be excluded
3. Applicable performance guidelines for trades reported in the Platts Market on Close assessment process

Timelines for the exclusion of oil products derived from Russian crude oil in European assessments

• Cargoes

Effective Dec. 15, 2025, in its European CIF and FOB cargo oil products price assessments, Platts will stop reflecting material that has been produced from Russian crude oil as defined in EU Council Regulation 2025/1494, irrespective of CN codes. This applies to all European cargo assessments published from Dec. 15, 2025, onwards.

Platts understands that, at the time of publication, the UK has not announced an effective deadline for an import ban on oil products derived in third countries from Russian-origin crude oil. Platts' assessments basis UK, as well as bids, offers and trades for loading or delivery into non-EU ports that inform European oil products assessments, will follow the same origin exclusions and timelines outlined above.

• Barges

Effective Jan. 2, 2026, in its European oil products barge price assessments, Platts will stop reflecting material that has been produced from Russian crude oil in line with EU Council Regulation 2025/1494 and irrespective of CN codes. This applies to all European barge assessments published from Jan. 2, 2026, onwards. Material previously imported into the EU prior to Jan. 2, 2026, will continue to be reflected.

Platts expects participants in its Market on Close (MOC) price assessment processes to comply with its guidelines on embargoed and sanctioned products, which can be found on page eight of the Platts Assessments Methodology Guide, available here.

Oil Product CN Codes

Following market feedback, Platts will stop reflecting oil products of any CN code produced from Russian crude in line with EU Council Regulation 2025/1494 across all its European oil product assessments and in accordance with the above outlined timelines.

MOC performance and publishing guidelines for European oil products

• Publishing guidelines

From the dates of implementation outlined above, bids and offers reported in the Platts MOC assessment process are expected to carry the implicit guarantee that the oil product will satisfy the EU's import ban in line with EU Council Regulation 2025/1494. Upon expression of interest to trade, the buyer should promptly communicate to the seller the expectations around origin restrictions and evidence requirements.

• Performance guidelines

Under Platts assessment guidelines, commodities supplied from countries or entities that are subject to applicable trading embargoes and sanctions should not be delivered against transactions concluded in the MOC assessment process.

Counterparties are expected to perform on trades reported in the MOC process based on typical terms that have been applied and accepted in the open market.

For trades reported in the MOC process, a seller would be expected to meet the buyer's typical and reasonable terms around origin restrictions and evidence requirements.

Platts understands that on Oct. 16, 2025, the European Union issued guidance on evidence requirements published through FAQs on Article 3ma of Council Regulation (EU) No 833/2014, updated on Oct. 29, 2025.

Market feedback gathered during the consultation has suggested buyers may have additional evidence requirements for material originating in third countries, including from refineries served by a port shared by other refineries. In such cases, Platts understands that EU guidelines reference an "enhanced due diligence" process. In these circumstances, for trades reported in the MOC, a seller would be expected to meet the buyer's typical and reasonable enhanced due diligence evidence requirements.

Platts reflects standard market practices in the performance of trades reported in its MOC assessment process. Standards around the determination of the origin of the oil product may continue to evolve, such that further consolidated market-accepted terms may emerge. Platts continues to seek feedback on the evolution of standard market practices and typical evidence requirements.

Please send all feedback to Europe_Products@spglobal.com, with a cc to PriceGroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available to the public upon request.