Bank agrees to process Russian oil transit payment to central Europe, say sources
Slovak refinery Slovnaft
A Reuters exclusive says that a European bank has agreed to process a payment for the transit of Russian oil through Ukraine,Slovak refiner Slovnaft and another source familiar with the matter told Reuters. The decision removes the cause of stoppage of oil supplies to central Europe last week.
Czech Republic has been facing a week-long outage of oil and the payment, if confirmed by all parties, would be a step towards restoring oil flows and also smoothen out the matter for future.
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On Tuesday, Russian pipeline monopoly Transneft said supplies via the Druzhba pipeline had been suspended to the Czech Republic, Hungary and Slovakia since August 4 because Western sanctions prevented it from paying transit fees to Ukrainian transit company Ukrtransnafta.
On Wednesday, Hungary’s refiner MOL and its Slovak unit Slovnaft found a workaround by paying the fee to Ukraine’s transit company Ukrtransnafta themselves. This led to the restarting of flows to Hungary and Slovakia. However, supplies to the Czech Republic have not resumed.
“According to our information, the bank reconsidered the originally blocked payment between transit companies for the transit fee and accepted it in the end,” Slovnaft spokesperson Anton Molnar said.
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“This confirms that the framework set up this way is functional and can be a long-term solution,” he was quoted as saying by Reuters.
Another source familiar with the matter said the payment had been unblocked by Dutch-based bank ING, and that flows to the Czech Republic should resume by Saturday.
ING declined to comment.
Also Read |Russia needs a market for its oil and India could benefit, but...
Russia’s Transneft said on Friday that payment for oil transit to the Czech Republic has reached the bank and that confirmation from Ukraine is expected, Russian state-owned news agency RIA reported.
“We expect confirmation from Ukrtransnafta on the funds transfer in order to open (oil) pumping towards the Czech Republic,” Igor Dyomin, an aide to the president of Transneft, told RIA. “In regard to all payments made, we will take this into account in further mutual settlements.”
(With inputs from agencies)
