The European Union's ban on imports of Russian refined oil products, including diesel and jet fuel, will disrupt global flows once it takes effect on Sunday and could hurt Moscow more than an embargo on crude oil. Although Western sanctions could force Russia to cut crude production and refining runs, which would further tighten global supplies, some analysts said the ban on products may ultimately have little impact on overall availability. "Barrels will get out and find a market, logistical challenge but not a supply challenge," senior research associate Ian Moore at global brokerage firm Bernstein.
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Japanese power utilities are stepping up efforts to cut thermal coal import costs by switching to lower quality grades and widening import sources, company officials said, as Tokyo looks to fight inflation and boost energy security. The measures include burning more of cheaper low-to-mid-grade coal and seeking new suppliers in Africa and South America, they said, as the world's No. 3 coal importer has sharply reduced imports from Russia, sanctioned for its invasion of Ukraine.