Global markets face a squeeze on diesel because of sanctions on Russia, with Europe most at risk of a “systemic” shortage that could lead to fuel rationing, the world’s top trading groups have warned.

The heads of three of the largest commodity traders — Vitol, Gunvor and Trafigura — estimated that as much as 3mn barrels of oil and its products a day could be lost from Russia as a result of sanctions, following the country’s invasion of Ukraine. The corporate leaders were speaking at the FT Commodities Global Summit in Lausanne, Switzerland.

“Europe imports about half of its diesel from Russia and about half of its diesel from the Middle East,” said Russell Hardy, chief of Switzerland-based oil trader Vitol. “That systemic shortfall of diesel is there.”