UAE trader blames sanctions for €47m missed oil debt

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By Joel Poultney (June 16, 2022, 12:54 BST) – A UAE-based trader has insisted that sanctions imposed on Russia after its invasion of Ukraine prevented it from paying 47.4 million euros ($49.3 million) still owed under a crude oil deal with the Swiss trading arm of Lukoil, arguing that paying the debt would now be illegal.

Abu Dhabi-based Der Mond Oil and Gas Africa SA defended missing payments to Litasco SA for nearly one million barrels of crude oil sold for 65.2 million euros in a High Court filing on Friday .

The trader said various banks would not process overdue payments to Litasco, a subsidiary of Russia’s second-largest group…

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