Russia encounters delays for oil payments as China, UAE, Turkiye raise bank scrutiny

Russian oil firms encounter delays to be paid for crude and fuel as banks in China, Turkiye and the United Arab Emirates (UAE) become more wary of US secondary sanctions, Reuters reports.

According to the report, payment delays reduce revenue to the Kremlin as Washington applies dual policy sanction goals to disrupt money going to the Kremlin to punish it for the war in Ukraine.

Banks in China, the UAE and Turkiye have boosted their sanctions compliance requirements in recent weeks, resulting in delays or even the rejection of money transfers to Moscow.

The report says UAE’s Mashreq Bank, Turkiye’s Ziraat and Vakıf Bank and Chinese banks ICBC and Bank of China still process payments, but take weeks or months to process them.

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