The Trafigura group, one of the most important commodity traders in the world, is helping Russia to sell part of the diesel it refines in Latin America, thus mitigating the fallout from the European and US embargo. According to what the agency writes Bloomberg Transfiguration has recently moved the cargo Marlin Aventurine delivering to Petroecuador, an Ecuadorian state company, 262 thousand barrels of diesel made in Russia. At current prices only this load is worth approx 75 million dollars. The US embargo on Russian crude oil is already in force, the European one will gradually become so by the end of the year. Trafigura had publicly announced the intention of abandon the Russian market. The same have stated other great traders such as Gunvor or the Swiss Glencore. The sale of Russian oil and refined products turns out to be extremely profitable as Moscow applies sensitive discounts at the time of the purchase of barrels by traders who then resell them at the current, high, market prices.
When asked for a comment, Trafigura replied that the company does not comment on individual shipments and that it continues to respect the deadline of the embargo decided by the EU. Petroecuador who usually uses mainly US products, underlines how right now he is struggling with a supply crisis. “Ecuador has a deficit in the supply of petroleum products and our priority is to make up for that deficit,” the company said in a statement. However, Ecuador has not placed any restrictions on the purchase of oil from Russia. Supplies of Russian crude oil are also on the rise China, India and Turkey.