Russian oil arrives in Cuba as Moscow finds alternative buyers for its shunned supplies

Russian oil arrives in Cuba as Moscow finds alternative buyers for its shunned supplies

HAVANA, 14 July A tanker carrying 700,000 barrels of Russian oil arrived in Cuba on Thursday, Reuters reported for the first time as Moscow seeks alternative buyers.The Liberian-flagged ship belongs to a unit of the Russian shipping company Sovcomflot, which is currently under British, Canadian and American sanctions. At current prices, the shipment is worth around $70 million.

Russia has sought alternative markets as Western sanctions target its oil exports. Cuba typically relies on Venezuela for its oil imports, but has been forced to make more expensive spot market purchases as Venezuela is among a slew of countries struggling to push production to meet at his own request.

Brazil also signaled this week that it would also adopt Russian flows and that its diesel would be used to support agriculture and drivers. In fact, Russia has quickly become one of Latin America’s largest oil suppliers.

And although crude has recently fallen due to recession fears, Russia is still enjoying high prices, even if its own production remains in question. Moscow is still earning billions from the sale of its oil despite sanctions in response to its invasion of Ukraine.