Skip to content
Edit post

Reuters: Russia facing delays in oil payments from China, Turkey and UAE

by Chris York March 27, 2024 9:39 AM 2 min read
A view from the oil company Tatneft in Tatarstan, Russia on June 4, 2023. (Alexander Manzyuk/Anadolu Agency via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Banks in China, the UAE, and Turkey have boosted sanctions compliance leading to Russian oil firms facing months of delays in receiving payments, Reuters reported on March 27.

In some cases, money transfers to Moscow have been rejected entirely, several sources familiar with the matter told the outlet.

The U.S. in December introduced secondary sanctions to target foreign financial institutions that support Russia’s war effort, even if they do so unknowingly.

As a result, banks have begun demanding written guarantees from clients ensuring that payments will not benefit any person or entity named on Washington's Specially Designated Nationals (SDNs) List.

Kremlin spokesperson Dmitry Peskov acknowledged the payment problems when questioned by Reuters during a press conference call.

“Of course, unprecedented pressure from the U.S. and the EU on the People's Republic of China continues,” he said.

After the launch of the full-scale invasion of Ukraine, the EU and G7 countries imposed a $60-per-barrel price cap.

In addition to the imposition of the price cap, the U.S. and its allies applied a number of other measures in an attempt to force compliance, such as "cutting off access to Western services like shipping and insurance unless traders abided by the $60 limit."

Russia managed to ship out much of its crude above $60 by using a "ghost fleet" of mostly uninsured tankers, with the Financial Times reporting on Nov. 14 that the vast majority of Russian oil had been selling above the price cap.

The U.S. in December imposed secondary sanctions to try and curb Russian crude oil sales.

Sanctions for show: Russian oil sales to China, India single main driver of Ukraine invasion
As Western sanctions designed to cripple Russian energy exports barely slow them down, the Kremlin continues to make enough money to keep its war against Ukraine going indefinitely, just by selling oil to China and India. After pivoting away from Europe, Moscow found enthusiastic buyers in Beijing…
Support independent journalism in Ukraine. Join us in this fight.
Freedom can be costly. Both Ukraine and its journalists are paying a high price for their independence. Support independent journalism in its darkest hour. Support us for as little as $1, and it only takes a minute.
visa masterCard americanExpress

News Feed

11:32 PM

Trump praises House speaker after vote on Ukraine aid.

Former U.S. President and presumptive Republican nominee Donald Trump voiced support for House Speaker Mike Johnson, who allowed a vote on military aid for Ukraine after months of delays, the Guardian reported on April 23.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
5:35 PM

Latvian schools to stop teaching Russian as foreign language.

Children in Latvia will no longer learn Russian as a foreign language in schools from 2026, but instead will be required to learn a language of the European Union or the European Economic Area, Latvia's Education Ministry announced on April 23.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.