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Thursday, June 30, 2022

Egypt is Laundering Russian Oil

Increasing volumes of Russian oil products are appear to be landing in Saudi Arabia by way of Egypt, Bloomberg reported.

While Egypt exported fuels to Saudi Arabia before Russia invaded Ukraine, Saudi Arabia is now taking 3.2 million barrels of power station fuel from Egypt this month, according to data from Vortexa cited by Bloomberg, marking a six-year high. Meanwhile, Egypt's imports of the fuel from Russia are soaring to 1.8 million barrels, the highest since at least 2016.

"It appears that increasing volumes of Russian fuel oil are making their way to Saudi Arabia via Egypt," Jonathan Leitch, an oil market analyst at Turner, Mason & Co., told Bloomberg.

The oil is also being bought by the EU.

 Hence sanctions are not hurting Putin at all!

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