Russian oil producers supplied their first cargoes of CPC Blend crude to the United Arab Emirates (UAE) in August and September, four traders told Reuters, opening up a new export route as Moscow looks to find new customers and skirt Western sanctions.
Moscow has found new markets for its oil despite sanctions imposed by G7 countries since the start of the war in Ukraine, which Moscow calls a special military operation.
The world’s third largest oil exporter, Russia has rerouted most of its oil to China, India and Turkey over the past year, and has also sent cargoes to countries including Brazil, Sri Lanka and Pakistan.
In August and September two Russian firms – oil major Lukoil and independent producer CenGeo – sold their oil to the UAE, the four traders said.
Read more: reuters.com