2024-01-09 06:55:00
U.S., RUSSIAN OIL SANCTIONS
BLOOMBERG- Dec 20,2023 - The US took some of its strongest steps yet to enforce a price cap on Russian oil, targeting for the first time crude traders and a state-backed shipping giant as it seeks to pressure Moscow over its invasion of Ukraine.
The US Treasury Department announced the steps Wednesday, including sanctions on Bellatrix Energy Ltd., a Hong Kong-based firm among the shadowy traders that emerged to help Russia keep its oil exports flowing. Essentially unheard of before the war, it has handled about 20% of shipments during the first nine-months of this year from the country’s third-largest exporter, Surgutneftegas PJSC.
Deputy Treasury Secretary Wally Adeyemo said Wednesday that the sanctions show that anyone trading or transporting Russian oil by sea should comply with the cap or “face the consequences.”
The US in recent weeks has sought to ramp up enforcement of the year-old price cap it imposed with allies on Russia’s oil. Earlier Wednesday, a senior treasury official said the second phase of the effort was going to include a harder push to enforce the policy, including attempts to accelerate the costs for those operating outside of it.
Also targeted was Covart Energy Ltd., also Hong Kong-based, as well as Voliton DMCC, in the United Arab Emirates. Voliton — previously known as Petrokim Trading Middle East and Asia DMCC — has “sharply increased” its trading of Russian oil since the price cap went into effect, Treasury said.
Sanctions were also placed on UAE-based SUN Ship Management D Ltd., a company owned by Russia’s state-backed shipping company Sovcomflot PJSC and manages its ships. As of Friday it had control over 24 vessels, according to shipping database Equasis. Among those, SUN manages the SCF Primorye, which had previously been sanctioned by the US for price cap violations.
Treasury has previously rolled out three rounds of sanctions since October, targeting ships and their owners accused of breaching the cap.
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Earlier:
2023, December, 15, 06:50:00
RUSSIAN OIL PROCESSING DOWN
The nation’s plants processed 5.33 million barrels of crude a day in the first six days of the month, down about 81,000 barrels a day from the prior week’s average, according to a person with knowledge of industry data.
2023, November, 23, 06:50:00
RUSSIAN OIL GAS PRODUCTION DOWN
Russia is expected to reduce both oil and natural gas production this year, according to Deputy Prime Minister Alexander Novak. Oil is projected to fall by 8 million tons to 527 million tons, compared to 535 million tons last year, he said.
2023, November, 22, 06:55:00
RUSSIAN OIL PRICE COMFORT
Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, meet on Sunday in Vienna.
2023, November, 3, 06:55:00
RUSSIAN OIL, GAS FOR CHINA
Russia is counting on a planned new pipeline to China as it seeks to make up for lost gas sales in Europe, but industry insiders see major political risks around a project that is overly dependent on one buyer and question whether it will justify the huge costs.
2023, August, 4, 06:55:00
RUSSIAN OIL CAP
The G7, the European Union and Australia imposed the $60 per barrel cap last December on sea-borne exports of Russian crude in retaliation for Russia’s war on Ukraine.
2023, July, 14, 06:45:00
RUSSIAN ENERGY REVENUES DOWN
The central bank still expects a current account surplus of $47 billion this year and $38 billion in 2024. On Tuesday, it said in a statement that Russia’s worsening trade balance was caused by a decrease in export volumes as well as the decline in prices mainly for energy exports.
2023, July, 7, 06:42:00
RUSSIAN CAPITAL FLIGHT
The ruble has grown more vulnerable after a deterioration in Russia’s external finances. Unlike last year, when the government earned a record windfall after a rally in commodity prices, export proceeds have fallen sharply in 2023.
