Who is a Russian oil trader?

Trading houses such as Vitol, Glencore and Trafigura once all competed for the right to export Russia’s barrels, aggressively courting Putin ally Igor Sechin, the head of Russia’s state oil champion Rosneft, and even the Russian president himself.

Why did Russia build a gas terminal?

The infrastructure for the terminal was constructed in just 10 months as Russia slashed pipeline gas supplies to the EU after its invasion of Ukraine, threatening shortages and blackouts. It receives natural gas cooled to its liquid form, regasifies it and then sends it into mainland Europe’s sprawling network of gas pipelines.

Why did Russia send less gas to Europe?

Concerns over tight supplies accelerated and European natural gas prices surged as Russia started to send less gas to Europe, in what was broadly perceived as a tactic to pressure Germany and Brussels to approve the start-up of the controversial Nord Stream 2 gas pipeline.

Why did Russia slash its gas pipeline in 2022?

After Russia’s invasion in February 2022, it slashed its pipeline supplies more deeply than ever, in an attempt to pressure governments to reduce their support for Kyiv. That August, the price of Title Transfer Facility, Europe’s gas benchmark, surged past €340 per megawatt hour, an all-time high.

Why did Russia stop storing gas in Ukraine?

Even before the war started in Ukraine, Moscow had started to exploit that dominant position, strategically cutting supplies to the EU and strangling the amount of gas that went into storage. The EU exited the winter gas season at the end of March 2021 with the lowest storage levels in three years after a prolonged cold winter.

Should Russia trade oil within g7-agreed price curbs?

While Washington has never opposed trading of Russian oil within G7-agreed price curbs, the largest independent oil traders had been wary of the market. “We’ve been actively encouraged by the Americans . . . to re-engage on moving the oil,” said one trader who spoke with the Treasury.