Page 95 - RusRPTApr24
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     deprives banks of an incentive to work with Russian clients in principle. Even ruble-yuan transactions can take months, says one of the traders interviewed by the agency.
Payment problems complement physical ones. The main buyer of Russian tanker oil, India, first stopped accepting Sokol and ESPO oil, and then the main Urals grade from tankers of the sanctioned Sovcomflot.
Separately, Bloomberg writes that tankers with Russian diesel fuel and other light oil products have recently been delayed on their way to Brazil. The volume of these shipments is already significant - 3.7 million barrels, or an average of two weeks of Brazilian imports. The reasons are still unknown; shipments from Russia to South American destinations did not stop.
What's in it for me?
According to Bloomberg estimates, so far problems with receiving and paying for Russian oil have not affected its sea deliveries: in the week of March 24 they increased by 360 thousand bpd, to 3.3 million bpd. None of the tankers subject to US sanctions took on another cargo of oil, the agency notes. However, the Russian shadow fleet still includes about 600 vessels with sufficient carrying capacity, and the average oil price for India is almost $20 above the ceiling.
Estimated revenue from this oil is still above $1.6 billion per week. This is lower than the record $2.2 billion reached at the price peaks of June 2022, or $2 billion in the fall of 2023, but also more than a decent amount. If, of course, Russian exporters manage to receive it, and not wait for payment or switch to increasingly more expensive and meager alternative schemes.
In the latter case, it will be possible to say that the sanctions achieve the stated goals of the G7 - to leave Russian oil on the market, but to deprive the budget of income from it. The Kremlin believes that the difficulties with calculations can be overcome.
The share of the ruble in Russia's international trade has significantly increased. Ruble transactions with the EU rose to 49%, with America (due to South America) increased to 35%, and with Africa, the growth more than doubled to 48%. Meanwhile, the shares of the dollar and euro in trade with Asia and Africa fell by more than half.
The Bank of Russia has extended for six months restrictions on transferring money of nonresidents from unfriendly countries abroad from accounts of brokers and trust managers, the regulator said. "Restrictions were renewed on transfers abroad for money of nonresidents of unfriendly countries from accounts of brokers and trust managers. The Bank of Russia suspends such transactions since April 1, 2024 for six months more," the Central Bank said.
 95 RUSSIA Country Report April 2024 www.intellinews.com
 
























































































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