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The oil trade is now weaning away from payments in US dollars
- 22 March 2023
- 9:01 pm
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- 22 March 2023
- 9:01 pm
A Russian oil rig at sea. (Photo: rosneft)
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Europe and America are sanctioning Russian oil due to Putin’s aggressive policy in the Ukraine, which has internally displaced over 5 million people and caused many other Ukrainians to seek safety outside of their homeland.
While countries such as India, the United Arab Emirates and China are buying from Putin anyways, the West seems determined to cut off all intermediaries that could be utilized to help Russia bypass the West’s sanctions over its war in the Ukraine. Nevertheless, the present sanctions do not prevent Hong Kong and the United Arab Emirates from jointly purchasing 1.4 million barrels a day of Russian crude oil.
In the framework of the American and European struggle to sanction Russia’s energy sector, Bloomberg News published the top six companies who continue to purchase Russian oil despite the imposition of sanctions by the West.
These include the Hong Kong based Noad Axis Ltd., which purchased 521,000 barrels of Russian oil till December; Dubai based Tejarinaft FZCO, which bought 244,000 barrels a day till December; QR trading, which purchased 199,000 barrels a day till December; Hong Kong based Concept Oil Services LTD., which purchased 152,000 barrels per day till December; Hong Kong based Belerix Energy LTD., which purchased 151,000 barrels per day till December; and Coral Energy DMCC, which purchased 121,000 barrels per day till December, although they stopped dealing with Russian oil from January 1.
According to inside information, Tahir Karaev and Azim Novruzov are standing behind Coral: “What’s really funny, if you can call it funny, is that Mathieu Philippe appears as UBO for some of the vessels they operate after he was kicked out of UML because he was Coral’s man.”
As Russia’s President Vladimir Putin recently said, “Russia is prepared to increase uninterrupted oil supplies to support the development of the Chinese economy.” As of last February, Russia supplied China with a record high of 2.01 million barrels a day last February, China’s General Administration of Customs Data reported. Indeed, one could argue, it would be much harder for Putin to politically survive were it not for China’s support for the Russian economy as it faced international sanctions.
India has also become a major importer of Russian oil, with Russia being its largest oil importer. After an oil price cap was imposed upon Russia last December, there have been reports that Indian customers have paid for Russian oil in non-dollar currencies, such as those of the UAE and Russian ruble.
Thus, for the first time, the oil trade is now weaning away from payments in US dollars as part of Russian efforts to continue trading its oil despite the existence of the US and European sanctions.
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These transactions are not a direct violation of the sanction’s regime in place. According to the Bloomberg report, the Group of Seven and the European Union designed the sanctions on Russian energy with the aim of keeping the oil following, even as the measures added complexity as they were designed to curb Moscow’s revenues.
US Assistant Treasury Secretary Ben Harris noted, “We’re coming to this with a lot of humility and we’re just asking that everyone else can adopt the same level of uncertainty. These are really opaque markets; the data’s not great on it. Let’s just acknowledge that from the onset when we are making conclusions.”
Nevertheless, while the majority of companies have backed away from purchasing Russian oil over the past year, the fact that we now know who is still trading Russian oil thanks to the Bloomberg News report is a major step forward for America and the West, as they seek to impose punitive measures on Russia for their war in the Ukraine.
This way, the West can better understand how the markets are reacting to the wider price cap and the wider sanctions against Russia, which will make it easier to impose punitive measures on Russia in the future should they continue on their present course.
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Thank you for choosing TheJ.Ca as your source for Canadian Jewish News.
We do news differently!
Our positioning as a Zionist News Media platform sets us apart from the rest. While other Canadian Jewish media are advocating increasingly biased progressive political and social agendas, TheJ.Ca is providing more and more readers with a welcome alternative and an ideological home.
We revealed the incursion of anti-Israel progressive elements such as IfNotNow into our communities. We have exposed the distorted hateful agenda of the “progressive” left political radicals who brought Linda Sarsour to our cities, and we were first to report on many disturbing incidents of Nazi-based hate towards Jews across Canada.
But we can’t do it alone. We need your HELP!
Our ability to thrive and grow in 2020 and beyond depends on the generosity of committed readers and supporters like you.
Monthly support is a great way to help us sustain our operations. We greatly appreciate any contributions you can make to support Jewish Journalism.
We thank you for your ongoing support.
Happy reading!
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