Politics For reading 1 min Published
Russian oil companies are facing delays in crude and fuel payments as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of secondary US sanctions. Reuters reports.
According to the report, payment delays are cutting into the Kremlin’s revenue as Washington uses dual political sanctions to prevent money from flowing to the Kremlin to punish it for the war in Ukraine.
Banks in China, the United Arab Emirates and Turkey have tightened sanctions compliance requirements in recent weeks, leading to delays or even denials of money transfers to Moscow.
The report said Bank Mashreq in the UAE, Bank Ziraat and Vakıf in Turkey, and Chinese banks ICBC and Bank of China are still processing payments, but they are taking weeks or months to process.
READ: Turkey aims to reach 7.2 GW nuclear power capacity by 2035: official
Source
