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기사입력 : 2023.10.02 11:34
Despite Western sanctions against Russia over the war in Ukraine, Russian oil exports continue to rise.
The EU, G7 and Australia introduced a price cap of $60 per barrel for Russian crude oil in December last year, pushing to curb war financing through Russian crude oil exports.
However, Russian crude oil exports rose 50%this spring due to rising crude oil prices and a reduction in Russian crude oil discount rates.
In August, Russian crude oil exports via sea transport were mostly shipped without Western insurance. (The crude oil price cap is implemented in the form of restrictions on transportation and insurance services)
Russia plans to neutralize Western sanctions by finding new export destinations, such as recently starting exports of CPC Blend crude oil to the United Arab Emirates (UAE).
According to Russia's policy to diversify oil export lines, Russia's largest crude oil importers are currently China, India, and Turkey, and exports to Brazil, Sri Lanka, and Pakistan have also increased.
Meanwhile, the crude oil recently exported to the United Arab Emirates is CPC Blend crude oil, which was produced in Kazakhstan and supplied to the international market through the Russian Black Sea port. The UAE has not joined sanctions against Russia.
The U.S. Office of Foreign Assets Control (OFAC) pointed out that CPC blends are not subject to sanctions if they are originally from Kazakhstan. It is crucial for importers to check a certificate of origin.
According to some crude oil market officials, some crude oil exported from Russia is sometimes turned from Russian crude oil to Kazakhstan's origin.
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