Moscow successfully protected 70% of oil exports; EU "flooded" to buy Russian goods this way

On September 26, the Financial Times (UK) cited customs data and other documents saying that European Union (EU) countries continue to buy large quantities of important goods from Russia by importing through third countries.

Báo Anh: Moscow bảo vệ thành công 70% lượng dầu xuất khẩu; EU 'ùn ùn' mua hàng hóa Nga bằng cách này

70% of Russia's oil exports avoid the negative impact of EU sanctions. (Source: Intellinews)

Specifically, commodities giant Glencore bought at least 5,000 tonnes of copper sheet produced by Russia’s Urals Mining and Metallurgy Company (UMMC) this year. The item was exported from Türkiye to the Italian port of Livorno in July.

The UK and EU imposed sanctions on UMMC executives last year, while the US is set to impose broader restrictions on the company in July 2023.

Glencore said the shipment was the “final part” of a contract signed before the start of the conflict in Ukraine. Glencore added that it had not done any new business with UMMC since then.

“There is no indication that Glencore violated sanctions. However, the transactions highlight Europe’s dependence on Russia for key commodities and Türkiye’s growing role as a transit hub,” the article said.

Dubai has also become “home to middlemen importing Russian goods into Europe.”

Statistics cited by the newspaper showed that Türkiye's imports of Russian copper nearly tripled to 159,000 tonnes in the first seven months of this year compared to the same period in 2022.

Meanwhile, Italy has become Türkiye’s largest copper export destination, growing by 3% in 2023. Experts say the EU country is becoming “an integral part of Russia’s copper trade route.”

* On the same day, the Financial Times reported that Russia has avoided the impact of the oil price ceiling on crude oil.

The newspaper noted that Moscow has been able to protect about 70% of its oil exports from the negative impact of price ceilings imposed by Western countries.

The main factor influencing this regulation is the refusal of the West to provide insurance during transportation. As a result, in August, three-quarters of all crude oil shipments by sea from Russia were carried out without Western insurance.

Citing data from analytics firm Kpler, the Financial Times said that in the spring of 2023, the share of uninsured Russian crude oil shipments by Western companies increased by 50%.

The British newspaper commented: "By the end of this year, with world oil prices rising, Russia could earn at least $15 billion more from exports than in 2022."

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