Despite a plethora of sanctions and boycotts, Russia has managed to export nearly a billion dollars worth of fossil fuels per day since its invasion of Ukraine.
Bloomberg says that state-run refiners such as. are warming to the idea of buying from lesser-known traders, while refinery officials say they are easier to work with due to less bureaucracy that slows negotiations with energy firms such asTrading houses usually serve the function of middlemen by bridging differences between sellers and buyers, and even offer different payment terms to assist in the movement of funds.
Deutsche Welle has reported that 80% of Russian raw materials are traded via Switzerland, according to a report by the Swiss embassy in Moscow. About a third of those materials are oil and gas, while two-thirds are base metals such as zinc, copper, and aluminum. In other words, deals signed on Swiss desks are directly facilitating Russian oil and gas to continue flowing freely.
This is a prime example of transit trade, where only the money flows through Switzerland, but actual raw materials usually do not touch Swiss soil. Thus, no details about the magnitude of the transaction land on the desk of the Swiss customs authorities leading to highly imprecise information about the flow volumes of raw materials. The whole commodities trade is under-recorded and underregulated.
Obviously, the lack of regulation is very appealing to commodity traders - especially those that deal with raw materials mined in non-democratic countries such as the DRC.
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