Currency
Iran and China have an oil alliance that is hitting Russia
Russia "friendly" Iran has set the Kremlin up. The country has started displacing Russian oil from China. China is increasing its purchases of raw materials from Iran because of very favorable price offers, which the Russian Federation is unable to compete with.
China is already buying a record amount of Iranian oil for the last decade, Bloomberg reports citing Kpler data. Thus, in August China imports 1.5 million barrels per day from Iran.
Oil from Russia is significantly more expensive than Iranian oil, although supplies from both countries are under sanctions and Russian oil is also subject to a price ceiling. However, traders say the two main Iranian grades are currently selling at a discount of more than $10 a barrel compared to Brent crude.
Most of the oil in China is bought by refineries located in China's Shandong province. At the same time, the official customs data of these enterprises does not include oil imports from Iran at all - this is done in order not to use quotas.
In the documents, Iranian raw materials are often classified as supplies from Malaysia. It may also be listed as a bitumen blend, if Iranian crude is blended with heavier Venezuelan crude.
This situation is extremely disadvantageous for Russia, which, after the Western oil embargo, sells its raw materials to China and India. This forces the Kremlin to look for new ways to make money from energy resources.
For example, it recently emerged that Russia is exploiting a loophole in the $1 billion oil cap. The inflated costs of oil transportation allow the terrorist country to get more money. In addition, Russia is trying to inflate global oil prices.
As reported by OBOZREVATEL, a new problem has formed in the Russian economy. In addition to the sanctions hitting the country hard, the slumping revenues and capital outflow, the ruble's record fall against the dollar has been added - for the first time in 16 months, the U.S. currency in Russia has soared in value to almost 100 rubles. However, this is not the limit - according to forecasts, the ruble will continue to fall in the future.
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