EU sanctions are overcome by a Russian oil transit payment.

After a Dutch bank accepted payment, crude deliveries to the Czech Republic might restart.

Transneft, the operator of the Druzhba pipeline in Ukraine, has reported that payment for oil transportation to the Czech Republic via that network has reached an EU bank.

Igor Dyomin, an aide to Transneft's president, told RIA Novosti, "We have information that the payments landed in the account of the recipient bank." "We need confirmation from Ukrtransnafta that the payment has been received before we can restart pumping to the Czech Republic.

We will consider this in future mutual settlements concerning any payments made, Dyomin said.

A source with direct knowledge of the situation told Reuters that the payment has been unblocked by Dutch bank ING and that flows to the Czech Republic should start up again by Saturday.

The southern branch of the Druzhba pipeline that transports oil from Ukraine to Hungary, the Czech Republic, and Slovakia were shut down earlier this week by the country's state-run corporation Ukrtransnafta. Western sanctions made it impossible to pay the transit fees, which led to the suspension of the service.

Later, the refiner Slovnaft of Slovakia and the energy giant MOL of Hungary each independently paid for the transportation of Russian oil through Ukraine. The restart of Russian oil shipments was verified on Wednesday by both EU firms and Transneft.

#oilnews #oilbusiness #russiaoil #latestoilnews #worldoilnews #transitoil

Read more Business, Entertainment, Social, Politics , Real Estate , Finance , Sports