Brazil is set to import a record quantity of Russian petroleum this month, cementing Russia's status as the Latin American country's main supplier as Moscow seeks new markets in the aftermath of a European Union embargo.

Projections indicate that Brazilian imports of Russian petroleum products are anticipated to surge by 25 percent&nbsp;compared to July, reaching an impressive daily intake of over 235,000 barrels. These figures notably outstrip the quantities sourced from the United States, which once held the distinction of being Brazil's predominant foreign petroleum supplier.

The surge in Brazilian-Russian petroleum trade commenced in February, coinciding with the EU's implementation of a ban on Russian petroleum imports and the collaborative imposition of a cap on Russian petroleum prices by the Group of Seven nations.

Furthermore, this concerted effort by the United States and its allied countries aims to curtail the influx of petrodollars into Russia, thereby diminishing support for the nation's involvement in the Ukrainian conflict. Consequently, these initiatives have exerted downward pressure on Russian gasoline prices, strategically aligning with Moscow's bid to enhance its competitiveness in emerging markets.

Bloomberg cited Viktor Katona, the lead crude analyst at Kpler, stating that "getting discounted barrels is a financial boon" to Brazil, where the government is always under pressure to lower the cost of transport fuels.

The price ceiling for Russian premium oil products such as diesel is set at $100 per barrel, while the price ceiling for discounted gasoline is fixed at $45 per barrel. Companies in the G-7 can only transport Russian oil if the shipment costs less than those rates. Katona thinks that purchasing Russian diesel has reduced Brazil's imported gasoline prices by $10 to $15 per barrel.

Moreover, according to Kpler, since the quota went into force, Brazil has become the world's second-largest user of Russian diesel, after only Turkey. Brazil has attempted to remain impartial about who is to blame for the war.

(Inputs from Bloomberg)

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Brazil is set to import a record quantity of Russian petroleum this month, cementing Russia's status as the Latin American country's main supplier as Moscow seeks new markets in the aftermath of a European Union embargo.

Brazil is set to import a record quantity of Russian petroleum this month, cementing Russia's status as the Latin American country's main supplier as Moscow seeks new markets in the aftermath of a European Union embargo. Projections indicate that Brazilian imports of Russian petroleum products are anticipated to surge by 25 percent compared to July, reaching an impressive daily intake of over 235,000 barrels. These figures notably outstrip the quantities sourced from the United States, which once held the distinction of being Brazil's predominant foreign petroleum supplier. The surge in Brazilian-Russian petroleum trade commenced in February, coinciding with the EU's implementation of a ban on Russian petroleum imports and the collaborative imposition of a cap on Russian petroleum prices by the Group of Seven nations. Furthermore, this concerted effort by the United States and its allied countries aims to curtail the influx of petrodollars into Russia, thereby diminishing support for the nation's involvement in the Ukrainian conflict. Consequently, these initiatives have exerted downward pressure on Russian gasoline prices, strategically aligning with Moscow's bid to enhance its competitiveness in emerging markets. Bloomberg cited Viktor Katona, the lead crude analyst at Kpler, stating that "getting discounted barrels is a financial boon" to Brazil, where the government is always under pressure to lower the cost of transport fuels. The price ceiling for Russian premium oil products such as diesel is set at $100 per barrel, while the price ceiling for discounted gasoline is fixed at $45 per barrel. Companies in the G-7 can only transport Russian oil if the shipment costs less than those rates. Katona thinks that purchasing Russian diesel has reduced Brazil's imported gasoline prices by $10 to $15 per barrel. Moreover, according to Kpler, since the quota went into force, Brazil has become the world's second-largest user of Russian diesel, after only Turkey. Brazil has attempted to remain impartial about who is to blame for the war. (Inputs from Bloomberg) WATCH WION LIVE HERE

Brazil buys record amount of petrol from sanctions-hit Russia

While the world may know UAE for the city of Dubai or the country’s oil boom and riches, but many may not know about its ancient history of pearl diving. Although diving for treasures is no longer a necessity for many, some traders are keeping the tradition alive.

The history of pearl diving in the UAE goes back to more than 7,000 years ago. A time when UAE pearls travelled to Rome, Venice, Sri Lanka and even to India. United Arab emirate's pearls were one of the most sought-after accessories of the time.

Abdullah al-Suwaidi recalls how his family's fortune depended on pearling much before the discovery of oil in the gulf.

"I lived and grew up around my grandfather, who lived off of pearl diving. He taught me a lot about pearl diving because of my continuous stream of questions and requests for more information and stories of adventure. It inspired my imagination.", said Abdullah al Suwaidi, owner of a pearl farm.

With UAE's petroleum exports reaching sixty-six point two billion dollars this year. Commercial pearl trading has become a dying tradition and Suwaidi's farm is the only commercial pearl farm in the United Arab Emirates.

Abdullah al Suwaidi, also added that "It is regrettable that nations that didn't even exist in 1906 (when it came to pearling) are now the biggest producers of pearls in the world, and the Gulf states, including the UAE, do not contribute (to the trade)."

Back in the hay days, pearl diving offered seasonally if not full-time work for many local Emiratis. Suwaidi managed to keep the tradition alive and still thrills curious tourists by demonstrating how his ancestors would pick oysters off the seabed.

Legend has it that once the owner of luxury jewellery brand, Jaques Cartier had travelled to the gulf in pursuit of the world's most precious and exquisite pearls.

With the advent of artificial pearls and the discovery of oil in the Arabian peninsula. UAE's pearl trade took a back seat but it still maintains it's cultural significance.

While the world may know UAE for the city of Dubai or the country’s oil boom and riches, but many may not know about its ancient history of pearl diving. Although diving for treasures is no longer a necessity for many, some traders are keeping the tradition alive.

While the world may know UAE for the city of Dubai or the country’s oil boom and riches, but many may not know about its ancient history of pearl diving. Although diving for treasures is no longer a necessity for many, some traders are keeping the tradition alive. The history of pearl diving in the UAE goes back to more than 7,000 years ago. A time when UAE pearls travelled to Rome, Venice, Sri Lanka and even to India. United Arab emirate's pearls were one of the most sought-after accessories of the time. Abdullah al-Suwaidi recalls how his family's fortune depended on pearling much before the discovery of oil in the gulf. "I lived and grew up around my grandfather, who lived off of pearl diving. He taught me a lot about pearl diving because of my continuous stream of questions and requests for more information and stories of adventure. It inspired my imagination.", said Abdullah al Suwaidi, owner of a pearl farm. With UAE's petroleum exports reaching sixty-six point two billion dollars this year. Commercial pearl trading has become a dying tradition and Suwaidi's farm is the only commercial pearl farm in the United Arab Emirates. Abdullah al Suwaidi, also added that "It is regrettable that nations that didn't even exist in 1906 (when it came to pearling) are now the biggest producers of pearls in the world, and the Gulf states, including the UAE, do not contribute (to the trade)." Back in the hay days, pearl diving offered seasonally if not full-time work for many local Emiratis. Suwaidi managed to keep the tradition alive and still thrills curious tourists by demonstrating how his ancestors would pick oysters off the seabed. Legend has it that once the owner of luxury jewellery brand, Jaques Cartier had travelled to the gulf in pursuit of the world's most precious and exquisite pearls. With the advent of artificial pearls and the discovery of oil in the Arabian peninsula. UAE's pearl trade took a back seat but it still maintains it's cultural significance.

Pearl diving: How some traders are keeping the timeless tradition alive in UAE

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