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Ex-minister who warned on sanctions works for oil trader linked to Russia

Rogue Valley

Putin = War Criminal
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Ex-minister who warned on sanctions works for oil trader linked to Russia

iu

3.20.22
Earlier this month, former foreign minister Sir Alan Duncan warned of the risk of imposing too many sanctions on Russia. He warned the economic retaliation could backfire, with a high cost for Britain. The former Conservative MP highlighted in an interview the risk to future UK gas supplies from sanctions. The message was clear: ministers need to tread carefully in waging economic war against the Kremlin. Duncan, a former minister of state for Europe and the Americas, told BBC Radio 4’s Today programme: “Of course we want to disadvantage Russia, but we don’t want to disadvantage ourselves that we fall into some kind of dystopian economic collapse. And we are on the edge of that.” It was a sobering analysis, but failed to note that sanctions also threatened to bite into the revenues of some of the world’s biggest energy traders, including Duncan’s own employer, Vitol. It was said that Duncan worked for a large energy trader in the interview, but did not mention his firm’s significant stake in the biggest oil project in Russia since the fall of the Soviet Union, one that Vladimir Putin has said will “strengthen Russia’s position in the Arctic”.

Vitol and Trafigura, two of the biggest oil traders, have stakes in Vostok Oil, a vast oil and gas oil project in the Arctic. It is one of Vladimir Putin’s key projects, described by the Moscow Times as “the biggest project in the modern-day global oil industry”. The scheme will take advantage of the melting Arctic ice, transporting oil across once unpassable shipping lanes via the Northern Sea Route to Asia, circumventing western sanctions. The £110bn project is led by the state-owned Russian firm Rosneft, which is led by oligarch Igor Sechin. The UK government sanctioned Sechin, one of Putin’s inner circle, with an asset freeze and travel ban, earlier this month. Vitol and Trafigura now face questions over their links to Rosneft. Vitol, which has 40 offices around the world including London, Geneva and Rotterdam, said: “Vitol has in place long-term contracts with Russian entities which it is legally obliged to fulfil. All our business is conducted in strict accordance with applicable sanctions.” The firm said Duncan’s Today interview was conducted on a personal basis. It said: “It was not at Vitol’s behest and the company did not know about the interview until it aired.”


Duncan wanted Russian sanctions watered down for his own profit motive.

Vitol isn't some bit player. It is heavily involved in Russian efforts to plumb the Arctic of oil/gas deposits.
 

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Ex-minister who warned on sanctions works for oil trader linked to Russia

iu




Duncan wanted Russian sanctions watered down for his own profit motive.

Vitol isn't some bit player. It is heavily involved in Russian efforts to plumb the Arctic of oil/gas deposits.
Power in my opinion comes in three forms, sometimes four. Money, religious, political and sometimes terrorists. When is enough enough for these folks?

Here's a little something for americans. Eight to nine percent of americans are millionaires. Fifty two percent of congress members are millionaires. How many of them do ya' think vote for their own best interests instead of their constituents? Better yet, why do we keep voting them back into office? How much do they actually have in common with the average working person?
 
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