Product tanker markets may soon see the true effect of the European Union’s ban on Russian oil.

This is because the final tanker shipment of Russian diesel could already have taken place ahead of the 5 February cut-off date.

European oil traders said delivery and payment have to be completed before then, according to S&P Global Commodity Insights.

That only leaves a little over two weeks for tankers to load, transport and discharge, and for money to change hands.