The loopholes and backdoors are a reminder of why Russian oil sanctions are hard to implement
When is a cargo of Russian diesel not a cargo of Russian diesel? The answer is when Shell, the largest European oil company, turns it into what traders refer to as a Latvian blend.
The manoeuvre underpins a burgeoning and opaque market for blended Russian diesel and other refined petroleum products, one of the many that oil companies and commodity traders are using to keep Russian energy flowing into Europe while satisfying public opinion that demands an end to subsidising Vladimir Putin’s war machine.
But blending is a convenient tool for companies to publicly say one thing and do another . In the case of Shell, the company has amended the so-called general terms and conditions of its contracts to allow for Russian blending. The new terms say :“It is a condition of this bid and shall be a condition of any resulting contract that the goods sold and delivered by Seller shall not be of Russian Federation origin and shall not have been loaded in or transported from RF.
In a subsequent statement, Shell said it had started a “phased withdrawal from Russian petroleum products” and announced it ‘immediately stopped buying Russian crude on the spot market.’
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
JAVIER BLAS: Europe’s hypocritical gas policy isn’t sustainableThe EU vows to punish the Kremlin for war crimes, but the union will have to continue buying Russian gas at $200m a day
Read more »
JAVIER BLAS: Europe’s hypocritical gas policy isn’t sustainableThe EU vows to punish the Kremlin for war crimes, but the union will have to continue buying Russian gas at $200m a day
Read more »
West is already at war with Russia, says exiled ex-oligarchRussian President Putin believes his country is at war with America and Europe on Ukrainian soil
Read more »
Ukraine's Zelenskyy: Delay on Russia oil embargo decision is costing lives - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Ukrainian President Volodymyr Zelenskyy on Thursday called on Western politicians to quickly agree on an embargo of Russian oil, complaining that their failure to do so was costing Ukrainians their lives.
Read more »
Shell to take a nearly R73bn hit on Russia exit | Fin24British energy giant Shell warned on Thursday that it would take a hit of up to $5 billion (around R73 billion) on its exit from Russia, following Moscow's invasion of Ukraine. | Fin24
Read more »
Oil giant Shell is writing off up to $5 billion in assets after it pulled its Russian operations | BusinessinsiderRussia is the world's third largest oil producer, but the West is trying to ditch Russian supplies in response to its invasion of Ukraine.
Read more »