How Russian Acrylate imports are benefiting some key economies
- 21-Apr-2022 5:48 PM
- Journalist: Harold Finch
Since the Russia Ukraine conflict has started, several countries have been trying to corner Russia in order to punish it for invading Ukraine. However, many diplomatic and trade-related tactics have been implemented by a number of countries like the USA, Australia, UK, Japan, South Korea, Germany, etc., where more than half of the major global economies are against Russian imports and are pledging to reduce trade with Russia in the near term.
Acrylates are one of those materials that are traded heavily across the European market via Russia. European traders have started to keep themselves away from procuring new cargoes from Russia due to ethical values. Furthermore, as per the latest information, some shipments have been reported entering the European market via a route of Finland. In order to raise profitability, global traders were procuring cargoes from Russia and trading them with a different route to hide their exact origin from concerned people. Russia-Ukraine war has come to a point where the moral values of Europeans have started acting against Russia and leaning them towards focusing on other sources irrespective of their prices. However, some major countries like China, India, and Turkey are importing enough cargo from Russia for different acrylates.
As per the ChemAnalyst data, Butyl Acrylate price showcased a significant hike of around 3.8% within the first two weeks of April, primarily driven by Indian manufacturers, as they are bearing the burden of high crude oil value. In addition, India has announced procuring more oil from Russia due to huge discounts offered by Russian traders. Nevertheless, the new payment system is still underway. Moreover, the USA warned India previously not to help Russia in any way by importing crude oil and other material after removing Russia from the Swift payment system.
As per ChemAnalyst analysis, despite the number of sanctions, Russia is not ready to step back from Ukraine, where the overall control is expected to be shifted to Russia only. Many countries in Europe are distancing themselves from the procurement of cargoes from Russia, which have been bothering consumers of the region as it is only shifting the cost pressure on consumers' pocket. Meanwhile, other major economies are trying to reduce the burden on consumers by importing cheaper goods from Russia.