Russia cannot receive money from the sale of its oil in time: Reuters reveals the Kremlin's big problem

Kseniya KapustynskaNews
Russia has problems with receiving payments for oil
Russia has problems with receiving payments for oil. Source: Created with the help of AI

Russian oil companies have faced months-long delays or even blocking of payments from their foreign buyers. We are talking about payments for oil and refined products (fuel) exported from Russia to China, Turkey, and the United Arab Emirates (UAE). These countries have become more cautious in their dealings with Russia, fearing secondary US sanctions.

Eight market sources reported problems with Russian payments, Reuters reports. "Delays in payments reduce the Kremlin's revenues and make them less stable," the agency notes. This, in turn, will allow the United States to achieve the main goal of the sanctions – to reduce funding for the Russian army, while preventing a crisis in the energy markets.

Thus, in recent weeks, several banks in China, the UAE, and Turkey have tightened sanctions compliance requirements, which has led to delays and refusals of money transfers to Russia. For example, banks, fearing secondary US sanctions, began asking their clients to provide written guarantees that no individual or legal entity from the US SDN (Special Designated Nationals) sanctions list is involved in the transaction and is not the beneficiary of the payment.

It is known that at least several well-known banks have taken such measures. In particular, according to sources:

  • in the UAE, First Abu Dhabi Bank (FAB) and Dubai Islamic Bank (DIB) have blocked several accounts related to the trade in Russian goods;
  • Mashreq Bank in the UAE, Turkish Ziraat, and Vakifbank, as well as Chinese banks ICBC and Bank of China, have been processing payments for weeks or even months.

The problems were confirmed by Russian dictator Vladimir Putin's spokesman Dmitry Peskov. He stated that there were problems with payments when asked if banks in China had slowed down payments. "Of course, the unprecedented pressure from the United States and the European Union on the People's Republic of China continues," Peskov said.

As a reminder, the sale of Russian oil is not illegal if the raw material is sold below the price ceiling of $60 per barrel set by the West. Russia is constantly trying to circumvent this rule, and foreign businesses are beginning to scrutinize deals more carefully from this point of view.

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