Russia sends oil shipment to Brazil for the first time in history - Reuters
Western sanctions force Kremlin to look for new markets
Russia has sent its first-ever shipment of oil to Brazil as it tries to diversify its list of buyers, which has been limited by US and EU sanctions. The shipment was reported by LSEG and traders.
Source. This was reported by Reuters.
In recent months, Russia has been supplying most of its oil to India and China after Europe imposed an embargo on Russian raw materials last December and the Group of Seven (G7) countries imposed a price ceiling of $60 per barrel.
Brazil is a member of the BRICS bloc, along with India and China, but unlike these countries, it is a major oil producer and exporter, but sometimes imports raw materials for domestic refining needs.
Russia's Lukoil has shipped 80,000 tons of Varandey Blend crude on a Stratos Aurora tanker from the port of Murmansk to a terminal in the port of Madre de Dios in Brazil, operated by Transpetro, a subsidiary of Petrobras, according to sources and the LSEG system.
Background. As reported, the G7 countries decided to postpone the revision of the pricing policy for Russian oil. According to Reuters, due to rising global prices, most Russian oil is trading above the ceiling.
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