The loopholes and backdoors are a reminder of why Russian oil sanctions are hard to implement
When is a cargo of Russian diesel not a cargo of Russian diesel? The answer is when Shell, the largest European oil company, turns it into what traders refer to as a Latvian blend.
The manoeuvre underpins a burgeoning and opaque market for blended Russian diesel and other refined petroleum products, one of the many that oil companies and commodity traders are using to keep Russian energy flowing into Europe while satisfying public opinion that demands an end to subsidising Vladimir Putin’s war machine.
But blending is a convenient tool for companies to publicly say one thing and do another . In the case of Shell, the company has amended the so-called general terms and conditions of its contracts to allow for Russian blending. The new terms say :“It is a condition of this bid and shall be a condition of any resulting contract that the goods sold and delivered by Seller shall not be of Russian Federation origin and shall not have been loaded in or transported from RF.
In a subsequent statement, Shell said it had started a “phased withdrawal from Russian petroleum products” and announced it ‘immediately stopped buying Russian crude on the spot market.’
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