A G7, EU, and Australia price cap of $100/b on Russian products that typically trade at a premium to crude including gasoline and gasoil was introduced at the same time. Perhaps the clearest evidence of strengthened ties is in Russian refined product exports since an EU embargo on imports of most Russian oil products came into force Feb. At the United Nations General Assembly in March, 22 African countries refused to condemn Vladimir Putin's full-scale invasion. Meanwhile, Russian mercenaries with the Wagner Group have provided security for African rulers in return for lucrative mining contracts, and Russian energy companies have eyed investments on the continent. Sergei Lavrov, Russia's foreign minister, visited seven African countries in the space of a month last year in a bid to firm up ties with key countries and open up new markets for Russian oil products, independent Russia analyst Timur Kulakhmetov told S&P Global Commodity Insights. India, China, and Turkey are also becoming increasingly important export markets.Įxperts say a new "scramble for Africa" has gathered pace since the invasion began early last year, with Russia, China, the US, Turkey, Gulf states, and former colonial powers Britain and France all vying for influence on the world's fastest-growing continent. These sanctions have forced Russia to redirect significant oil export volumes to alternative markets, including Africa. The embargo followed independent decisions from many Western countries to halt imports of Russian oil. Illustrating the geopolitics at play, shipments to countries such as Nigeria, Tunisia, and Libya jumped sharply in February, when the European Union placed an embargo on Russian products. Prior to the war, Russia exported 33,000 b/d of refined products to Africa, much of it gasoline.īy March 2023, that had soared to 420,000 b/d. You can also check out our shop, loaded with books, apparel and other cool merch, that you can buy and have delivered right to your door.Īlso you can get regular news from Iceland-including the latest notifications on eruptions, as soon as they happen-by signing up to our newsletter.Receive daily email alerts, subscriber notes & personalize your experience. If you enjoy our content and want to help the Grapevine’s journalists do things like eat and pay rent, please consider joining our High Five Club. Note: Due to the effect the Coronavirus is having on tourism in Iceland, it’s become increasingly difficult for the Grapevine to survive. Whether that will come to pass will be determined later today at the earliest. If a work stoppage is voted and agreed upon by the union, it would start at 5:00 on the morning of Tuesday, August 31st, and last until 10:00. The matter is especially pressing as Iceland’s economy is heavily dependent on tourism, and Play Air Birgir Jónsson told Vísir that “a strike is the last thing the tourism industry needs right now”, expressing hopes that an agreement can soon be reached. For this reason, the state arbiter has stepped in to negotiations in the hopes of bridging the cap between labour and management. That being said, there is still the possibility for temporary work stoppages, which could begin as soon as next week. The main area of contention right now concerns working hours. Negotiations ran late yesterday, and while the union could have voted on a strike to begin today, they postponed this idea as some advances were made in their talks with management. The Icelandic Air Traffic Controllers Association (FÍF) and management at Ísavia, the company which operates Keflavík International Airport, are still in the midst of labour negotiations and it is possible that the union may decide to initiate a work stoppage on Tuesday, August 31st, RÚV reports.
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