Russian oil transit payment beats EU sanctions barrier

Aug 12, 2022 | BUSINESS

Crude supplies to the Czech Republic may resume after a Dutch bank accepted payment

Russian pipeline operator Transneft has said payment for oil transit to the Czech Republic via the Druzhba pipeline has reached an EU bank, and is currently awaiting confirmation by Ukraine.

“We have received information that the funds arrived in the account of the recipient bank,” Igor Dyomin, an aide to the president of Transneft, told RIA Novosti. “We are waiting for confirmation of the payment from Ukrtransnafta, so that we can resume pumping to the Czech Republic.

“In regard to all payments made, we will take this into account in further mutual settlements,” Dyomin added.

Flows to the Czech Republic should resume by Saturday, a source close to the matter told Reuters, adding that the payment had been unblocked by Dutch-based bank ING.

READ MORE: Russia resumes oil supply to EU

Earlier this week, Ukraine’s state-run company Ukrtransnafta halted oil flow through the southern branch of the Druzhba pipeline to Hungary, the Czech Republic and Slovakia. The transit was stopped because Western sanctions prevented the payment of transit fees.

Later, Hungary’s energy major MOL and Slovakia’s refiner Slovnaft independently paid for the transit of Russian oil through Ukraine. Both EU companies and Transneft confirmed the resumption of Russian oil supplies Wednesday.

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