Rosneft To Sell Oil Products In Euros To Avoid Possible New U.S. Sanctions

Rosneft To Sell Oil Products In Euros To Avoid Possible New U.S. Sanctions
By Tsvetana Paraskova - Aug 21, 2019, 2:00 PM CDT

The largest Russian oil producer and one of the world’s biggest, Rosneft, told customers earlier this month that oil product sales in tender contracts will be priced in euros instead of U.S. dollars, Reuters reported on Wednesday, citing five trading sources.

Rosneft’s move is seen by traders and analysts as a future hedge against potential new U.S. sanctions on Russia and/or its oil industry.

Rosneft has been on a list of sanctioned entities of the U.S. Department of the Treasury since 2014, when the U.S. and the EU imposed sanctions on Russia and Russian companies over the Russian annexation of Crimea. Those sanctions, however, don’t prohibit Rosneft accepting U.S. dollars as payments for the oil and oil product it sells.

Rosneft exports around half of the oil products its refineries in Russia produce. Most of the exported oil products are being sold via tenders to major international commodity traders or the trading units of oil majors. Trafigura, Vitol, Glencore, BP, and Cetracore are some of the top buyers of Rosneft’s oil products in annual, spot, or short-term tenders.

According to traders who spoke to Reuters, the goal of replacing the U.S. dollar with euros in future tenders—and this switch could be made as soon as this year—is to mitigate as much as possible future unpredictable U.S. sanctions on Rosneft.  

At the end of last year, Russia’s oil firms were said to be demanding penalty clauses and payments in euros instead of U.S. dollars in their annual renegotiation of oil supply contracts with Western crude buyers, as the Russian oil industry was seeking to protect itself from possible new U.S. sanctions on the sector.

According to an exclusive Reuters report in November 2018, buyers were unwilling at the time to yield to the Russian demands.

Last year, U.S. lawmakers discussed extending sanctions on Russia to energy and oil projects and sovereign debt markets in what Republican Senator Lindsey Graham called a “sanctions bill from hell.”   

By Tsvetana Paraskova for Oilprice.com

Rosneft以欧元出售石油产品以避免可能的新美国制裁
作者:Tsvetana Paraskova  -  2019年8月21日,下午2:00 CDT

俄罗斯最大的石油生产商和世界上最大的石油生产商之一Rosneft本月早些时候告诉客户,招标合同中的石油产品销售将以欧元而不是美元计价,路透社周三援引五个贸易消息来源报道。

交易员和分析师认为,俄罗斯石油公司的举动是未来对美国对俄罗斯和/或其石油工业的新制裁。

自2014年以来,俄罗斯石油公司一直列入美国财政部批准的实体名单,当时美国和欧盟对俄罗斯和俄罗斯公司对俄罗斯吞并克里米亚实施制裁。然而,这些制裁并不禁止俄罗斯石油公司接受美元作为其出售的石油和石油产品的付款。

俄罗斯石油公司出口其在俄罗斯的炼油厂生产的一半石油产品。大多数出口石油产品通过招标出售给主要的国际商品交易商或石油巨头的交易单位。 Trafigura,Vitol,Glencore,BP和Cetracore是Rosneft石油产品在年度,现货或短期招标中的一些主要买家。

据与路透社交谈的交易员称,在未来的招标中用欧元取代美元的目标 - 这一切换可能会在今年尽快实现 - 以尽可能地减轻美国对俄罗斯石油公司未来不可预测的制裁。

去年年底,据称俄罗斯石油公司正在寻求保护自己免受可能性,因此俄罗斯的石油公司在与西方原油买家的石油供应合同的年度重新谈判中要求惩罚条款和欧元付款而不是美元。美国对该部门的新制裁。

根据路透社2018年11月的一份独家报道,买家当时不愿意屈服于俄罗斯的要求。

去年,美国立法者讨论了将共和党参议员林赛格雷厄姆称为“地狱制裁法案”的对俄罗斯的能源和石油项目以及主权债务市场的制裁。