Page 119 - RusRPTSept22

transport insurance ban negotiated by the EU and Great Britain would, if implemented, have significant effects on Russia's oil exports to the entire world, concludes BOFIT.
Russia finds a new way to bypass Western sanctions on the oil market. To bypass sanctions, Russia is using the El Hamra oil terminal in Egypt on the Mediterranean coast, according to Bloomberg. Some 700,000 barrels of Russian oil were delivered there on July 24 and picked up by another vessel a few hours later. “The unusual move makes the cargo’s ultimate destination harder to track, adding to a trend of Russian oil shipments becoming increasingly obscured,” Bloomberg reported.
The Kremlin has regained pricing power, taking advantage of a tight market, and the discount on Urals blend has been shrinking.
ESPO crude, a category of Russian oil from the Far East, is a good example of the new trend. At the low earlier this year, it sold at a discount of more than
119 RUSSIA Country Report September 2022 www.intellinews.com