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Despite U.S. sanctions, oil traders help Russian oil reach global markets

RealityNow

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Despite U.S. sanctions, oil traders help Russian oil reach global markets

quote
Much of this oil trade is facilitated by a highly efficient and sometimes controversial group of middlemen: oil trading firms. Oil traders act as global matchmakers between the countries and companies that pump oil and the refineries that process crude into gasoline and other fuels.

Trafigura is one of a handful of companies in Switzerland that handles about a quarter of the world's oil each day. For decades, these firms have sourced much of their oil from Russia. About 80% of Russian commodities are traded in Switzerland, according to a 2021 report from the Swiss Embassy in Moscow. Some oil traders also have stakes in Russia's state oil company and its assets, including in a megaproject in an environmentally fragile part of the Russian Arctic.

In the weeks following Moscow's invasion of Ukraine, many trading firms have said they are reviewing their holdings in Russia. Yet traders continue to facilitate the flow of Russian oil and, last month, even increased their Russian oil trading activity, says Oliver Classen, spokesperson for Public Eye, a commodity trading watchdog group in Switzerland.

"We're just looking at data that suggests that key traders working out of Switzerland have significantly stepped up their activities in the war month of March," Classen says.

Some of the trading firms that handle the most Russian oil say they're legally bound to fulfill preexisting contracts to lift Russian crude and are complying with all sanctions. Trafigura and the commodity trading firm Gunvor tell NPR that they condemn the war in Ukraine. Another trader, Glencore, directed NPR to its website, where it also condemns the war. The firm Vitol announced last week that it would stop trading Russian oil by the end of this year.

But for now, the traders' continued loadings have big implications for Russia's ability to wage war in Ukraine, says Alexandra Gillies, an adviser at the Natural Resource Governance Institute, an organization focused on extractive industries.

"In this situation," Gillies says, "they're offering a financial lifeline to Vladimir Putin and his government."

"These are some of the most economically important transactions to the Russian state right now," she adds, "so any steps to make those transactions more difficult, I think, is really important."
end quote

Maybe the United Nation's should have more power to address and enforce "Sanctions and Invoke penalty upon those who violate Sanctions", Sanction backed by the U.N. should have the power to cause a freeze or nullification of contracts. Given this power, the U.N. Security Council, would have more power to enforce "peace keeping globally".

Too many people are greed driven in their ways of seeking to circumvent sanctions, We need a system where 'greed driven men" cannot usurp and circumvent" International Sanction Agreements. Penalty has to be devastatingly severe !!!!
 
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Cardinal

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Not a huge surprise that a ton of companies just wish the focus would shift elsewhere so business can go on. The problem is that the extent and level of Russian atrocities is such that it’s really, really hard to think about other things, especially when Putin keeps making nuclear threats.
 

gino

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Don't worry about that. Our existing sanctions are crippling the Russian economy. The Russian leaders are going to have to make a move soon. I just hope that the Ukraine can hold out long enough to force them to the bargaining table.
 

Craig234

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Don't worry about that. Our existing sanctions are crippling the Russian economy. The Russian leaders are going to have to make a move soon. I just hope that the Ukraine can hold out long enough to force them to the bargaining table.
Russia's oil sales just to Europe are enough to pay for the war.
 

RealityNow

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Don't worry about that. Our existing sanctions are crippling the Russian economy. The Russian leaders are going to have to make a move soon. I just hope that the Ukraine can hold out long enough to force them to the bargaining table.

I think the move by the Oligarch's is moving closer to using their power and wealth to remove Putin and many of his warmongering backers. He called for suspending their ability to trade on stock markets outside of Russia. which will cost them Billions of Losses. It will bankrupt some. Those losses will further cripple Russia Internally, because those Oligarch's control much in Russia.
There needs to be more pressure to force the Ruple back down, it has risen to much against the Euro and the Dollar. It needs to be forced back down. When the Russian people feel the pain of that, they will have to change how they interpert Putin's propoganda.
Something needs to force a situation in Russia for "independent media" to report the truth to the people of Russia.
 

HangLow

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Despite U.S. sanctions, oil traders help Russian oil reach global markets

quote
Much of this oil trade is facilitated by a highly efficient and sometimes controversial group of middlemen: oil trading firms. Oil traders act as global matchmakers between the countries and companies that pump oil and the refineries that process crude into gasoline and other fuels.

Trafigura is one of a handful of companies in Switzerland that handles about a quarter of the world's oil each day. For decades, these firms have sourced much of their oil from Russia. About 80% of Russian commodities are traded in Switzerland, according to a 2021 report from the Swiss Embassy in Moscow. Some oil traders also have stakes in Russia's state oil company and its assets, including in a megaproject in an environmentally fragile part of the Russian Arctic.

In the weeks following Moscow's invasion of Ukraine, many trading firms have said they are reviewing their holdings in Russia. Yet traders continue to facilitate the flow of Russian oil and, last month, even increased their Russian oil trading activity, says Oliver Classen, spokesperson for Public Eye, a commodity trading watchdog group in Switzerland.

"We're just looking at data that suggests that key traders working out of Switzerland have significantly stepped up their activities in the war month of March," Classen says.

Some of the trading firms that handle the most Russian oil say they're legally bound to fulfill preexisting contracts to lift Russian crude and are complying with all sanctions. Trafigura and the commodity trading firm Gunvor tell NPR that they condemn the war in Ukraine. Another trader, Glencore, directed NPR to its website, where it also condemns the war. The firm Vitol announced last week that it would stop trading Russian oil by the end of this year.

But for now, the traders' continued loadings have big implications for Russia's ability to wage war in Ukraine, says Alexandra Gillies, an adviser at the Natural Resource Governance Institute, an organization focused on extractive industries.

"In this situation," Gillies says, "they're offering a financial lifeline to Vladimir Putin and his government."

"These are some of the most economically important transactions to the Russian state right now," she adds, "so any steps to make those transactions more difficult, I think, is really important."
end quote

Maybe the United Nation's should have more power to address and enforce "Sanctions and Invoke penalty upon those who violate Sanctions", Sanction backed by the U.N. should have the power to cause a freeze or nullification of contracts. Given this power, the U.N. Security Council, would have more power to enforce "peace keeping globally".

Too many people are greed driven in their ways of seeking to circumvent sanctions, We need a system where 'greed driven men" cannot usurp and circumvent" International Sanction Agreements. Penalty has to be devastatingly severe !!!!
1650761858384.png
 

HangLow

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I think the move by the Oligarch's is moving closer to using their power and wealth to remove Putin and many of his warmongering backers. He called for suspending their ability to trade on stock markets outside of Russia. which will cost them Billions of Losses. It will bankrupt some. Those losses will further cripple Russia Internally, because those Oligarch's control much in Russia.
There needs to be more pressure to force the Ruple back down, it has risen to much against the Euro and the Dollar. It needs to be forced back down. When the Russian people feel the pain of that, they will have to change how they interpert Putin's propoganda.
Something needs to force a situation in Russia for "independent media" to report the truth to the people of Russia.
1650898621056.png
 

RealityNow

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Putin is the Modern Day Hitler.... Why society has these evil men, that seem to be an endless string of evil makers. I think by some means, there has to be a segment of the elites with their money, will find a way to "take down Putin" and Putin knows it, he's trying to kill of whom he think will be the ring leaders to bring him down.
That should tell these who want to bring Putin down, they have to be more careful in how they plan and strategize, because Putin is not invincible.

Someone close to Putin, really should give Putin what ever is the substance that was used on Navalny !!!!!!

Putin is a savage that does not deserve to keep breathing on this earth, for what he has done to Ukraine and the Ukrainian People.
 
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