New trading firms, mainly from Hong Kong and the UAE, have replaced major trading entities, handling approximately half of all Russian crude exports this year, with transportation predominantly managed by companies in the UAE, Greece, India, and China.
- Aug 08, 2023, 10:00 AM CDT
Little-known and newly-incorporated trading companies have handled large volumes of Russian crude oil and products since the Russian invasion of Ukraine and the withdrawal of Western firms from trades with Russia’s oil. Nord Axis is not as unknown as many other oil traders that have sprung up and started trading Russia’s oil. the 10 percent non-operational, passive shareholding of oil trading giant Trafigura in the Vostok Oil project last year. Back then, Western majors were quitting en masse operations and non-operational stakes in Russian energy projects.
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