Home Finance Oil Middlemen Fueled Putin’s War Machine. Now They’re Getting Out.

Oil Middlemen Fueled Putin’s War Machine. Now They’re Getting Out.

by Enochadmin

Russia constructed a self-proclaimed fortress round its financial system within the run-up to conflict—however there was a crack. Moscow relied on international middlemen to ferry its most strategic and profitable export around the globe: oil.

Now the most-important intermediary, Trafigura Group, is becoming a member of a number of rivals in slicing off Russian big Rosneft Oil Co. from international oil markets. In a high-stakes transfer that goes farther than official Western sanctions, the Swiss commodities dealer plans to cease exporting Rosneft’s crude altogether. It’ll lower its enterprise with the state producer to a sliver of prewar ranges, supplying just some refined merchandise akin to diesel into Europe, in accordance with a spokeswoman.

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