Russia's Rosneft To Sell Oil Products In Euros To Avoid Possible New U.S. Sanctions

By -

NoireTv Africa  
If you live in the USA, NoireTV now showing nationwide on Verizon Fios on channel 269. Press 269 on your remote control. NoireTV now on Verizon Fios Channel 269. Press 269 on your remote control. Follow us on Instagram @noiretvafrica and on Facebook ... www.facebook.com/caspennoire


The largest Russian oil producer and one of the world’s biggest, Rosneft, told customers earlier this month that oil product sales in tender contracts will be priced in euros instead of U.S. dollars, Reuters reported on Wednesday, citing five trading sources.
Rosneft’s move is seen by traders and analysts as a future hedge against potential new U.S. sanctions on Russia and/or its oil industry.
Rosneft has been on a list of sanctioned entities of the U.S. Department of the Treasury since 2014, when the U.S. and the EU imposed sanctions on Russia and Russian companies over the Russian annexation of Crimea. Those sanctions, however, don’t prohibit Rosneft accepting U.S. dollars as payments for the oil and oil product it sells.
Rosneft exports around half of the oil products its refineries in Russia produce. Most of the exported oil products are being sold via tenders to major international commodity traders or the trading units of oil majors. Trafigura, Vitol, Glencore, BP, and Cetracore are some of the top buyers of Rosneft’s oil products in annual, spot, or short-term tenders.
According to traders who spoke to Reuters, the goal of replacing the U.S. dollar with euros in future tenders—and this switch could be made as soon as this year—is to mitigate as much as possible future unpredictable U.S. sanctions on Rosneft.  
At the end of last year, Russia’s oil firms were said to be demanding penalty clauses and payments in euros instead of U.S. dollars in their annual renegotiation of oil supply contracts with Western crude buyers, as the Russian oil industry was seeking to protect itself from possible new U.S. sanctions on the sector.
According to an exclusive Reuters report in November 2018, buyers were unwilling at the time to yield to the Russian demands.
Last year, U.S. lawmakers discussed extending sanctions on Russia to energy and oil projects and sovereign debt markets in what Republican Senator Lindsey Graham called a “sanctions bill from hell.”
Source: Oil Price

Also visit our  website:  www.noiretv.com 

Comments

Post a Comment

Popular posts from this blog

Characters In BBC’s Documentary On TB Joshua Unknown To Us – Synagogue Church

By -
Image
  The Synagogue Church of all Nations (SCOAN) has countered the BBC documentary on the late Temitope Babatunde Joshua, known as TB Joshua, founder of SCOAN. SCOAN described the documentary against TB Joshua as unfounded, and that the characters interviewed in the report were unknown to the church. The church, in a statement signed by its Public Affairs Director, Mr Dare Adejumo, said the statement was aimed at disabusing public minds from the report. The News Agency of Nigeria (NAN) recalls that the BBC released a highly controversial and damning documentary on the late TB Joshua on Monday, accusing him of various crimes, including rape, against some members. SCOAN said, “BBC World Services investigative unit, code-named Africa Eye, came out this week with weird and strange episodes of atrocities against the late founder of SCOAN.” It said that to investigate and publish or broadcast reports was a central kernel of journalism, but to do so outside the ethics and fundamental principles
Read more

NBA Suspends Canada’s Joshua Primo For 4 Games For Exposing Himself To Women

By -
Image
  The NBA has suspended former San Antonio Spurs guard  Joshua Primo   for four games   ... after it says it found he exposed his private parts to multiple women. The league announced the ban on Friday morning ... saying an investigation into the free agent revealed he had "engaged in inappropriate and offensive behavior." NBA officials called his actions "conduct detrimental to the league." They did, however, note that they "did not find evidence that he engaged in any sexual or other misconduct apart from these brief exposures." "Primo maintains that his conduct was not intentional," the league said. Dr. Hillary Cauthen , Primo's former therapist, was the first to  bring the allegations  against Primo to light after she claimed last fall that he exposed himself to her on nine separate occasions. Dr. Cauthen's attorney,  Tony Buzbee , alleged the Spurs were aware of Primo's actions, but didn't take action. Cauthen went on to file
Read more

Sky Sports' On-Air Mix-Up: Chelsea Players Mistakenly Introduced as Axel Disasi Instead of Noni Madueke in Carabao Cup Semifinal

By -
Image
 Sky Sports were left red-faced after an on-screen graphic mistakenly introduced Chelsea defender Axel Disasi as Noni Madueke on Tuesday night. The pair were both the scoresheet as the Blues thrashed Middlesbrough 6-1 at Stamford Bridge in the second leg of the Carabao Cup semi-final to boo their place at Wembley. But when Disasi spoke to Sky Sports after the game, an on-screen graphic introduced him as Madueke instead. Madueke is four years younger than his Chelsea teammate, plays in a different role and is English, while Disasi is French. Viewers immediately spotted the mistake and took to social media to flag up the glaring error.  Sky Sports with a huge mistake as that is Axel Disasi, not Noni Madueke,' another added, while a third described the gaffe as a 'howler'. A fourth commented: 'Sky sports calling Disasi Madueke. They’ve done it again.' Disasi scored Chelsea's third goal in the 6-1 rout, converting Raheem Sterling's cross at the far post after th
Read more