Jeremy Paner Discusses Brazil Reducing Reliance on Russian Diesel Following US Sanctions

Jeremy Paner discussed Brazil reducing its reliance on Russian diesel following the latest round of U.S. sanctions in the Financial Times.

The article discusses how Brazil had ramped up its imports of Russian fuel, increasing from $95 million in 2022 to $5.4 billion in 2024, but is now slowing down due to new U.S sanctions.

According to Paner, tighter restrictions imposed by the U.S. on Rosneft and Lukoil, two of Russia’s largest oil companies, as well as shifting markets and geopolitical forces, are diminishing Brazil’s use of Russian fuel.

“If I am a Brazilian company, I’ll have to think long and hard about importing Russian diesel because Trump could use that to basically punish Brazil,” Paner said.

Read the article.