Despite sanctions and restrictions imposed due to the conflict in Ukraine, some Western banks and traders, such as Citigroup and Trafigura Group, have recently been actively entering into agreements to buy metal from Russian companies. This was reported by Bloomberg.
According to sources, Trafigura is actively looking for opportunities to buy and sell Russian metals. The publication writes that the company has concluded a fixed-term agreement to purchase more than 100 thousand tons of copper, specifically from Norilsk Nickel. In addition, the company signed an agreement with Rusal to purchase approximately 200 thousand tons of aluminum.
At the same time, other large traders such as Glencore say they are abandoning new businesses in Russia, although they keep their old contracts. A number of banks, including Citigroup, are also actively purchasing Russian aluminum on the London Metal Exchange (LME). Singapore’s ICBC Standard Bank and Australia’s Macquarie Group are also planning to buy the metal, according to Bloomberg. This allows companies to bypass direct cooperation with Russian companies and therefore not raise suspicion among regulators about assisting the Russian Federation in circumventing sanctions.
Before that Russia came One of the top 10 suppliers of petroleum products to Indonesia.
Formerly G7 trade heads reputed The need for WTO reforms.