Move likely to worsen global shortages
Russia has banned exports of diesel in retaliation against western sanctions, raising fears of yet more pain for British motorists.
The European price of diesel instantly jumped by as much as 5pc in response to the news from the Kremlin, amid fears that it would worsen global shortages.
The ban comes as policymakers are already anxiously watching rising oil prices, which have risen by 30pc since June and are close to surpassing $100 a barrel.
While both the UK and the European Union banned oil imports from Russia earlier this year, other countries have continued to buy its fuel. Vladimir Putin’s move will likely tighten global diesel supply further and could drive up flagging inflation around the world.