Representatives of the so-called Price Cap Coalition agreed to impose two separate price caps for Russian oil products based on their category, the US Department of Treasury announced after Deputy Secretary Adewale Adeyemo’s meeting with counterparts with Coalition states.

'The Deputies agreed to an approach for refined products that will institute two distinct caps, in addition to the crude cap: one cap for products that generally trade at a premium to crude, such as diesel or gasoil, and one for products that trade at a discount to crude, such as fuel oil,' the Department of Treasury said.

If European buyers are unable to find alternative supplies, the sanctions risk heaping new costs on diesel-reliant industries such as farming and road haulage and make it harder for governments to rein in inflation, according to the Washington Post