The number of little-known trading firms relied on by Russia to export large volumes of crude exports to Asia has mushroomed in recent months
The new owner of the 100,000 tonnes of Urals crude carried on the Leopard I was a similarly low-profile outfit, Guron Trading, also based in Hong Kong, according to two trading sources.
The companies began appearing after Russia's February 2022 invasion of Ukraine, which Moscow calls a special military operation, with as many as 30 middlemen involved in trades over the course of last year, according to the tally. Earlier this month, Urals prices jumped above a price cap of $60 a barrel on Russian exports imposed by the Group of Seven nations, Australia and the European Union from Dec. 5 that was intended to punish firms involved in any trade above that level.
Neither Guron Trading or Bellatrix Energy, the company that originally chartered the Leopard I and bought the cargo from Russian oil company Rosneft, responded to requests for comment. Rosneft did not respond to questions. Under the previous system, oil cargoes were generally handled by one well-known trader from source to destination.The growing network of pop-up traders overlaps with afor old oil tankers supplied by new companies to carry Russian oil that Western shippers are avoiding.
Responding to questions from Reuters, both denied they left the trade because of sanctions risks. Everest said "it was a strategic business decision based on various factors specific to our company". Coral said "we made a decision to source outside of Russia thanks to the diversified footprint in MENA region'.
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