Russian state oil firm, Rosneft, is mulling creating a trading venture in Dubai, affected by the sanctions imposed on Moscow, Bloomberg reported.
Earlier in May, officials from Rosneft visited Dubai and met with advisers who could assist in setting up the new entity, the media outlet reported citing anonymous sources familiar with the matter.
Rosneft didn’t immediately respond to Bloomberg's request for comment.
It's still unclear the scope of any new entity Rosneft is planning to create, or how it will affect Energopole SA, the producer’s Geneva-based trading arm.
It's worth noting that the Russian oil giant won't be the first Russian firm who would consider Dubai as a solution to the current challenges faced due to the sanctions.
Earlier this month, S&P Global Commodity Insights reported that Litasco SA, a trading unit of Russia’s Lukoil PJSC, is considering establishing a new head office in Dubai.
Not forgetting to mention that the Russian billionaire Andrey Melnichenko is opening local trading units in Dubai linked to his Moscow-based coal producer SUEK and Zug, and Switzerland-based fertilizer firm EuroChem.
