Russian Oil Trade Relocates to UAE

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
  • More Russian oil traders are moving from Switzerland to the United Arab Emirates, especially Dubai, as they look to blunt the effects of Western sanctions. 
  • With its pro-business approach and low taxes, the UAE is seen by the Russians as a safe place to operate.
  • Russia can also sell oil in the local currency, the dirham, which is pegged to the US dollar.

The Issue

Sanctions, Opec/Opec-Plus, Policy and Regulation, Oil Trade, Ukraine Crisis
Wanda Ad #2 (article footer)
China's diplomatic coup in the Mideast Gulf and President Xi Jinping's trip to Moscow have raised Beijing's profile as potential peacemaker in Ukraine — but the West is skeptical.
Thu, Mar 23, 2023
Oilfield service companies in Russia expect reduced demand from customers as a result of Moscow's decision to scale back crude production.
Fri, Mar 24, 2023
Russia's deputy prime minister says the discount for Urals crude oil has narrowed since January and will continue to do so.
Thu, Mar 23, 2023