This week, we’re revisiting an episode from last year. For decades, the global centre for oil trading has been Geneva, Switzerland. But Russia’s war in Ukraine changed that. Sanctions have made it harder for western traders to move Russian oil. Now, traders are flocking to a new trading hub that has no restrictions on oil from Russia: the United Arab Emirates. The FT’s Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies.
For further reading:
How Dubai became ‘the new Geneva’ for Russian oil trade)
Switzerland questions oil trader over sidestep of Russian sanctions)
Letter: Energy trading is opaque — and that suits Big Oil)
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Read the transcript of this episode which was first aired in August 2023)** **
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