Global Trade Updates

In response to EU sanctions, Russia has successfully redirected the majority of its oil exports to India and China, overcoming trade restrictions imposed over the conflict in Ukraine. The European Union, previously the largest buyer of Russian crude oil and oil products, accounting for nearly half of the exports, began banning Russian imports from December 5 last year as a strategy to deplete Moscow's war chest and divert resources from its invasion of Ukraine. According to Alexander Novak, Russia's deputy prime minister, Europe's share of Russian oil and petroleum exports plummeted to just 4% to 5% this year. However, Russia has deftly navigated these sanctions by establishing trade partnerships with major markets like India and China. Novak highlighted India's significant role ...

The Hong Kong bullion market has witnessed a substantial surge in Russian gold imports, reaching 68 tons this year, quadrupling the figures from 2022. This shift in dynamics has positioned Hong Kong as the new epicenter for Russian gold trading, overtaking Dubai. The transition is attributed to regulatory changes in the UAE that cracked down on illicit trading activities, leading to increased scrutiny. Rise of Hong Kong in Russian Gold Trade: According to Bloomberg's report, Hong Kong's prominence in global gold trading has been further solidified, with a notable spike in Russian bullion imports since April. The city's strategic role has been accentuated by the decline of gold trading activities in Dubai due to stringent measures imposed by global regulatory bodies, including the Fi...

In a recent exclusive interview with John Micklethwait, the editor-in-chief of Bloomberg News, former U.S. Secretary of State and 2016 presidential candidate Hillary Clinton shared her perspective on the pressing need for a fresh approach to global trade agreements. In a candid and thought-provoking conversation, Clinton emphasized the necessity of crafting trade deals that reflect the current geopolitical and economic landscape. A Call for Realism in Trade Agreements During the interview, Clinton expressed her views on the evolving nature of international trade. She stated, "I think we need a new era of realistic trade agreements that take into account where we are in the world today." This sentiment underscores the idea that trade deals must be grounded in the present, considering...

Energy and Petroleum Cabinet Secretary, Davis Chirchir, has raised concerns about the possibility of fuel prices in Kenya surging to an unprecedented Sh300 per liter if the conflict between Israel and Hamas persists. Mr. Chirchir expressed these concerns during his appearance at the ongoing National Dialogue Committee hearings. While acknowledging that the rise in fuel prices is a global issue, he emphasized that government interventions have thus far helped prevent a further increase in pump prices. Mr. Chirchir stated, "We can't do much on international pricing of petroleum. I read an article that international (crude) prices could go up to $150 (per barrel) due to the Israel-Hamas war, which could result in our products reaching as high as Sh300 per liter at the pump. We hope it doe...