Russia has struck deals to sell much of its production to a group of obscure oil traders
Kyiv, Ukraine30 July 2023, 15:30 9853 read 8 comments
The success of Rosneft’s recent major oil auction is further evidence that the financial pressure on Russian oil producers is easing due to sanctions.
It is noteworthy that one of the active traders working with Russian oil, bypassing the embargo on sea supplies, was established in Hong Kong just 9 days before the start of the “special military operation” in Ukraine, foreign publications write.
Russia has struck deals to sell much of its output to a group of obscure oil traders, generating cash flow from its vital industry.
This deregulation approach is a logical continuation of the saga of a fleet of aging tankers that have become part of the shadow fleet that delivers raw materials to clients overseas.
One of the biggest winners in the auction was Bellatrix Energy, according to Wall Street Journal sources familiar with the sale.
According to the registration documents, the company is registered in Hong Kong. Also, large quantities of Russian oil were purchased by the Amur and Tejarinaft trading groups registered in the United Arab Emirates.
All three have been active exporters of crude oil and petroleum products (according to Russian customs and industry officials) since sanctions against Russian oil took effect in December.
According to the publication, traders play a vital role for Rosneft and other Russian commodity producers because they are directly involved in the complex logistics needed to deliver millions of barrels of oil to foreign buyers daily.
Serious Russian players in the field of commodity trading and shipping do not have much advertising. This makes it difficult to determine how much money flows through the oil market and whether it returns to the Russian budget. The paper trail left in public records doesn’t fully show who ultimately controls them, fueled financially, industry executives say.
Translation: BLIC
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2023-07-30 12:30:44
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