FT report: Swiss-based companies keep Russian refined oil flowing
An oil tanker moored at Novorossiysk, Russia, on October 11, 2022.
Copyright 2022 The Associated Press. All Rights Reserved.
Global energy traders Vitol and Gunvor, which both have their headquarters in Switzerland, are still major buyers of refined oil from Russia over a year after both firms pledged to reduce their business with Moscow following the invasion of Ukraine.
This content was published on
2 minutes
Financial Times/sb
Italiano
it
Rapporto del FT: Le aziende svizzere mantengono il flusso di petrolio raffinato russo
A Financial TimesreportExternal link published on Tuesday uses export records filed with Russian customs in the first four months of 2023 to show that both companies were among the top-ten buyers of refined products, such as petrol and diesel.
Geneva-headquartered Gunvor was the eighth-largest buyer by value, shipping one million tonnes of petroleum products worth about $540 million (CHF484 million), according to the data seen by the FT.
Vitol, which has its main bases in London and Geneva, was the tenth-largest buyer, moving about 600,000 tonnes worth about $400 million, the data showed.
Both companies confirmed they were regular buyers of Russian refined fuels but disputed the accuracy of the data, the FT said.
Trading in Russian refined fuels is not prohibited by western sanctions and has even been encouraged by Washington to limit supply disruptions, if traders comply with western restrictions imposed since Moscow’s full-scale invasion of Ukraine in 2022.
Vitol and Gunvor have stopped dealing in Russian crude oil.
In all, 50 companies exported a combined $16 billion worth of refined petroleum from Russia during the first four months of this year, the data shows.
The customs records show that Gunvor and Vitol are the only western-owned companies still among the top-ten buyers of Russian refined petroleum. The other eight largest buyers are either Russian-controlled traders or recently established entities in the United Arab Emirates, Hong Kong or Singapore.
Litasco, the trading arm of Russia’s Lukoil, heads the ranking. The company moved most of its operations from Geneva to Dubai last year and traded more than $3 billion of Russian refined fuels between January and April, according to the data.
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
Swiss price watchdog negotiates lower fees for card payments
This content was published on
Small businesses in Switzerland will have to pay fewer fees for cashless payments from customers over the next few years.
Lakes in Central Switzerland have best water quality for bathing
This content was published on
Anyone who swims in a lake in Central Switzerland need have no fear of infection from intestinal bacteria. The water samples taken at 65 bathing sites in 13 lakes all have good to excellent bathing water quality.
This content was published on
Unknown assailants have stolen a historic ring from a Basel museum. The stolen item was a gift from Russian Tsar Alexander I to his host in Basel in 1814.
More May hotel guests in Basel than at any time in past 90 years
This content was published on
Basel hotels recorded 150,854 overnight stays for the Eurovision Song Contest in May. This corresponds to a year-on-year increase of 8.4%.
Demand remains high for rental flats in Switzerland
This content was published on
More rental flats are once again being advertised on property portals in Switzerland. However, demand also remains very high.
One in five Europeans exposed to too much traffic noise
This content was published on
More than one in five Europeans are exposed to unhealthily high levels of traffic noise, according to the European Environment Agency (EEA).
New living space through densification often comes at expense of the poor
This content was published on
If demolition and new construction are carried out and tenants have to make way, low-income households are affected more often than average.
This content was published on
The ceasefire in the Iran-Israel war has visibly eased tensions on the financial markets. The SMI, Switzerland's leading stock market index, has risen above the 12,000 point mark again.
This content was published on
Geneva, which is facing several days of very hot weather, has raised its level of vigilance with regard to the risk of forest fires and is issuing an appeal for caution.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss government wants more oversight of commodity trading sector
This content was published on
The government has commissioned a study into the country’s raw material traders amid more questions about sanctions' compliance.
Swiss to decide individually on Russian commodity deals
This content was published on
Switzerland will decide case by case whether to curtail traders' purchases from Russia's state-controlled companies under EU sanctions.
This content was published on
Our daily lives depend on it, yet commodity trading is an opaque business. Here's how Switzerland came to play an important role in this industry.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.