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EU ports are helping facilitate transshipments of Russian LNG, despite imports being banned by the UK and Netherlands, Financial Times reports. EU-Permitted Russian LNG shipments are regularly transferred between tankers in Belgian, French and Spanish ports, before being transported to buyers in other countries, like China, Japan and Bangladesh. This accounted for 21% of Russian LNG exports, the equivalent of 17.8 bn cubic meters, between January and September of this year.
Loophole?Transshipments of Russian LNG have not been placed under EU-sanctions, as the EU are “not thinking about [it] when they are talking about a ban. They don’t count a transshipment,” lead energy analyst at IEEFA, Ana-Maria Jaller-Makarewicz told the Financial Times.
This is happening despite Russiadiversifying its transshipment routes of crude oil away from EU ports, in means of circumventing G7-sanctions, resulting in Fujairah, UAE becoming a growing hub for oil exports.
US-China decoupling is having an impact: US companies are steering away from using Chinese suppliers, sourcing products from elsewhere in Southeast Asia, Eastern Europe, and Mexico, as the US treasury implements “de-risking strategies,” which are aimed at making their supply chains more resilient “It was always ‘China plus one,’” the CEO and co-founder of Florida-based Industry West, Jordan England, told Reuters, explaining that trade tariffs implemented on China in 2018 have always affected supply chains between the countries. Now with US companies implementing diversification strategies, it's more “like ‘plus-10’ and then China,” he added.
The details: China’s manufacturing unexpectedly contracted and exports declined in October, as Reuters reported. China also recorded its first-ever quarterly deficit in FDI during the July to September period, Reuters respectively reports.
Russia expects to export up to 65 mn tonnes of grain between July 2023 and June 2024, Interfax quoted Agriculture Minister Dmitry Patrushev as saying. The minister said that 140 mn tonnes of grain were harvested this year, including 93 mn tonnes of wheat.
