Russia increases diesel deliveries to Morocco

Data provided by traders and “Refinitiv” show that Russia has intensified its diesel deliveries to Turkey and Morocco before the European ban on Russian oil products comes into effect.

The European Union has approved a total prohibition on imports of Russian oil products from next month, in an effort to reduce Russia’s revenues from the military conflict with Ukraine. Russian Deputy Prime Minister Alexander Novak said Russia would shift supplies to Asia, Africa and Latin America.

Russia’s diesel deliveries to Morocco increased to 735 thousand tons in 2022, compared to only 66 thousand a year earlier, and their total cargoes have reached about 140 thousand since the beginning of 2023.

“Refinitiv” also reported that many cargoes from Russia were destined for Ghana, Senegal, Libya, Uruguay and Ivory Coast.

Meanwhile, Europe is still importing the bulk of Russian diesel, filling its tanks ahead of the February 5 deadline. “I think Europe will make up for Russian barrels by sourcing from Asia and the Middle East, but the price remains a mystery,” said one trader, according to Reuters.

In parallel, the Kremlin yesterday allowed large Russian companies to exclude their foreign shareholders from “unfriendly” countries from voting this year.

According to a decree signed by Russian President Vladimir Putin, the measure applies to large companies in the energy, engineering and trade sectors whose owners are subject to international sanctions or even those with a minority of foreign shareholders.

The company’s turnover must also have exceeded 100 billion rubles (about $1.5 billion) in the previous fiscal year.