Trade has been rerouted. New buyers have emerged—as have methods for minting money by exploiting sanctions
banned imports of refined oil from Russia, many doubted the country could redirect its vast exports of diesel, which amounted to 950,000 barrels a day last year, and made up most of its $65bn-worth of petroleum-product sales. At the end of last year thestill bought two-thirds of the country’s exports. China and India, which fast replaced Europe when it boycotted Russian crude, were uninterested. The rest of the market was fragmented. Yet as the’s odyssey suggests, trade has been rerouted.
The countries enabling such a feat fall into two camps. First are those that buy more diesel from Russia, at a discount, to replace supply from elsewhere. They include South American countries, led by Brazil. Having bought nothing from Russia in January, Brazil received 152,000 b/d in June, equivalent to 60% of its total diesel imports. North African countries, such as Algeria, Egypt and Morocco, also smell a bargain.
The Gulf states are making a similar trade. Saudi Arabia did not import diesel from Russia for years; since April, its purchases have passed 150,000 b/d. It is not unusual for Saudi imports to rise before the summer, when power demand for cooling soars. This year, however, the country’s exports of diesel have risen in tandem—by around 120,000 b/d between April and June compared with the same period in recent years. A lot of that is going to Europe and, increasingly, to Asia.
But not all. Gunvor and Vitol, two giant traders in Geneva, were still ranked among the top ten buyers of Russian oil products in the first four months of the year, according to reports citing customs data .
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