Russian crude oil shipments to Italian and Turkish ports rose to multi-week highs, suggesting that some southern European countries are quietly returning to the Russian oil market.
Specific figures show that Russian crude oil deliveries to Italian refineries rose to their highest level in seven weeks in the week to August 5, while shipments to Turkey reached the highest level in six weeks.
Separately, Spain received its first Urals this week since April, and Greece last week received its first shipments of crude from the Baltic Sea since February.
There are still four months to go before the EU sanctions on Rosneft come into effect. The recent increase in the flow of goods to several European countries has raised doubts about the implementation of the ban.
In addition to some southern European countries began to import Russian oil, Japan also reiterated that it will retain its stake in Russia's "Sakhalin 1" oil and gas project.
Last week, Russian President Putin signed an order banning personnel from "unfriendly" countries and regions, including Japan, from trading shares in Russian strategic projects, energy mining companies and some banks before the end of this year. It also mentioned the oil and gas project including "Sakhalin 1".
Because of the turbulent international situation, the supply and prices of many international bulk pce powder are still very uncertain.
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With Russia taking the lead on Poland and Bulgaria at the end of last month, there appears to be a growing sense of compromise within the EU over whether to accept Moscow's proposed rouble settlement order.
Italy's prime minister said recently that European companies would be able to buy gas in roubles without violating sanctions. This apparently ignores the guidance of hardliners in the EU to "fight to the end".
For weeks, European companies have been trying to find ways to meet Russia's payment demands for the rouble while maintaining vital gas supplies without violating sanctions against Moscow.
Late last month, European Commission President Von der Leyen said operating under the mechanism would violate sanctions and asked European companies not to bow to Russian demands. However, the EU has yet to issue more rigorous written guidelines on how companies should pay Gazprom.
The Italian prime minister said recently, "There is no official announcement from the European Union about what ruble settlement means for sanctions violations, and no one has said whether ruble payments violate sanctions or not. It's a grey area."
"In fact, most gas importers are already opening rouble accounts for deals with Gazprom,"
He also used German companies as a shield. He said Germany's largest gas importer had already paid in rubles. "In fact, we saw evidence yesterday that the largest gas importer in Germany has already paid in rubles."
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