Türkiye, UAE and China delay payments for Russian oil – Kommersant

Russian oil companies are facing delays in paying for crude oil and fuel, writes Reuters citing eight sources familiar with the situation. It comes as banks in China, Turkey and the United Arab Emirates (UAE) become more cautious, fearing secondary US sanctions. Delays can last up to several months.

According to eight banking and trading sources, banks in the UAE, China and Turkey, fearing secondary US sanctions, have begun asking their clients to provide written assurances that no person or entity on the US SDN (Special Designated Nationals) list is involved in the transaction. or is not the beneficiary of the payment.

In the UAE, First Abu Dhabi Bank (FAB) and Dubai Islamic Bank (DIB) have blocked several accounts related to trading in Russian goods, two sources said. The UAE’s Mashreq Bank, Turkey’s Ziraat and Vakifbank, and Chinese banks ICBC and Bank of China are still processing payments, but they are taking weeks or months to process, four of the sources said.

Mashreq Bank declined to comment. UAE banks FAB and DIB, Turkey’s Ziraat and Vakifbank, China’s ICBC and Bank of China did not respond to requests for comment.

Kremlin spokesman Dmitry Peskov acknowledged there were problems with payments when asked to comment on reports that banks in China had slowed payments. “Of course, unprecedented pressure from the United States and the European Union on China continues,” Dmitry Peskov said during a daily teleconference with reporters. “This, of course, creates certain problems, but cannot become an obstacle to the further development of our trade and economic relations,” he added.

Earlier, Kommersant found out that the largest buyer of seaborne shipments of Russian oil – India – has not been purchasing Russian premium grade ESPO oil, which is shipped from the port of Kozmino, for two months now. Previously, the country sharply reduced shipments of another premium grade of oil – Sokol.

Read more in the material “They cut off bonuses from Russia”.

Anastasia Larina