Russian oil tanker. Stock photo: Getty Images
Russian oil companies have been facing delays in payment for oil and fuel for several months as banks in China, Türkiye and the United Arab Emirates (UAE) have become more cautious due to secondary sanctions imposed by the United States.
Source: Reuters with reference to its sources
Details: Reuters noted that payment delays reduce revenues to the Kremlin and make them unstable. This allows Washington to achieve dual sanction objectives, including obstructing the flow of funds to Russia to punish it for the war in Ukraine while simultaneously not disrupting global energy flows.
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Several banks in China, the UAE and Türkiye have recently tightened their sanctions compliance requirements, leading to delays or even refusals of money transfers to Russia.
Quote: “Banks, cautious of the U.S. secondary sanctions, started to ask their clients to provide…
