What can Russia do to sell its unwanted oil?
China and India sniff a bargain
ON FEBRUARY 22ND, two days before Russia invaded Ukraine, a German-flagged vessel left the Russian port of Primorsk loaded with 33,000 tonnes of oil. When it reached Tranmere, a British oil terminal, on March 3rd, it received a frosty welcome. Some dockers refused to unload the freight when they learnt where it had come from. Similar boycotts have sprung up elsewhere. Kayrros, a data firm, estimates that the volume of oil “on water” rose by nearly 13% in the fortnight after the invasion, in large part as undelivered Russian cargo sought new takers. The number of vessels returning to Russia also jumped.
This article appeared in the Finance & economics section of the print edition under the headline “Diversionary tactics”
Finance & economics April 2nd 2022
- America’s gas frackers limber up to save Europe
- What can Russia do to sell its unwanted oil?
- India grapples with the new realities of the global oil market
- Can the Fed pull off an “immaculate disinflation”?
- Under unprecedented sanctions, how is the Russian economy faring?
- Surging food prices take a toll on poor economies
- The White House wants to close a tax loophole used by the ultra-rich
- Will dollar dominance give way to a multipolar system of currencies?
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