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Rabat – Morocco, Turkiye, and Tunisia are set to receive 346,000 tonnes of low-sulfur diesel from Russia as part of Moscow’s strategy of rerouting its energy exports.
As the European Union’s full embargo of Russian energy products entered into effect on Sunday, converging reports indicated that Russia is planning to bolster its energy exports to Morocco, Turkiye, and Tunisia via its Baltic Sea port of Primorsk to Morocco.
In addition to passing a full embargo on imports of Russian petroleum products, the EU equally decided to put a price cap on Russian refined petroleum products in a bid to curb Russia’s ability to fund the war in Ukraine.
According to EU documents quoted in a report from AsumeTech, the EU plans to cap diesel from Russian refineries at a maximum price of $100 per barrel. Commenting on the decision, Russia says it is ready to curtail production before it would cave in to a West-imposed price cap.
Russia instead announced plans to divert supplies to Asia, Africa, and Latin America. Since the announcement Russia has boosted supplies to Morocco, Turkiye Ghana, Senegal, Libya, the Ivory Coast, and Uruguay, according to data from Refinitiv Eikon cited in the AsumeTech report.
The same report specifies that Russia plans to export over 1.7 million tonnes of diesel from the port of Primorsk in February.
Since the start of the Russian-Ukraine conflict in February 2021, energy prices soared to historic levels, as the price of one barrel of crude oil exceeded $100 in March.
The ensuing West-imposed sanction sent a ripple effect through the world’s economy, that threatened to send the world spiraling into a second recession less than two years after the COVID-induced crisis.
Read Also: Russia To Boost Diesel Exports to Morocco in February Amid Europe Embargo
