It has become more difficult for Russian oil companies to receive payment for crude oil and fuel exports. The reason for this is the increased control of banks in China, Turkey and the UAE due to fears of US sanctions.
Delay in payments to Russia for oil
Reuters, citing sources, writes that payment delays can be several months. This reduces the flow of funds to the Kremlin and makes them unstable.
This allows the US to achieve the dual goals of sanctions — preventing the flow of money to the Kremlin and at the same time not interrupting global energy flows.
Reuters writes that in recent weeks, several banks in China, the UAE, and Turkey have increased their requirements to comply with sanctions, which has led to delays or even refusals in money transfers to Moscow.
Banks, fearing secondary US sanctions, began to require their customers to provide written assurances that no individual or legal entity on the US sanctions list is involved in the transaction or is the beneficiary of the payment.
Which banks are we talking about?
Two sources in the UAE said that First Abu Dhabi Bank (FAB) and Dubai Islamic Bank (DIB) blocked several accounts related to Russian goods trade.
The UAE's Mashreq Bank, Turkey's Ziraat and Vakifbank, and China's ICBC and Bank of China still process payments, but they take weeks or months.
The banks would not comment, but Kremlin spokesman Dmitry Peskov said payment problems existed when asked about reports that banks in China had slowed payments.
