A tanker carrying Russian diesel will leave for the United States on Thursday, according to what official media reported from Russian Deputy Prime Minister Alexander Novak, to be the first shipment under the “diesel agreement” between America and Russia.
The official TASS news agency quoted the Russian Deputy Prime Minister as saying, on Wednesday, that “the first tanker is scheduled to leave the port tomorrow... heading to the United States.”
Shipping data issued by Kpler and LSEG indicated on Tuesday that Russian diesel shipments began returning to their previous main destinations, following Moscow’s lifting of the export ban, a decision that came with American mediation, as tracking data for at least two tankers showed their heading towards Turkey and Brazil in recent days.
Russia - which is usually the second largest exporter of diesel in the world after the United States - had already reduced its exports during the summer, before imposing an embargo on foreign supplies, in light of Russian oil refineries being exposed to widespread attacks by Ukraine.
Türkiye and Brazil have topped the list of the largest buyers of Russian diesel since 2023, a period that witnessed the redrawing of Russian oil export routes as a result of Western sanctions imposed in response to the comprehensive Russian invasion of Ukraine.
The data shows that the tanker “Liro” is currently heading towards the city of Manaus in Brazil, after leaving the Russian port of Primorsk overlooking the Baltic Sea on October 16.
This comes in the wake of the movement of the tanker “Dolonay”, which left the port of Primorsk carrying a shipment of diesel on October 14, heading towards the city of Alanya in Türkiye.
According to Kpler data, Turkey has received about 34 percent of the total Russian diesel shipments since the beginning of this year, at a rate of 95 thousand barrels per day, while Brazil’s share reached 24 percent, at a rate of 66 thousand barrels per day.
The Canadian mining company Sherritt announced that Washington has allowed it to bring fuel and other materials into Cuba that are necessary for the extraction of nickel, after it had suspended its operations due to US sanctions.
Since the 1990s, Sherit has worked on the communist island to extract nickel and cobalt, through a joint project with the Cuban state-owned General Nickel SA company.
The company, which suspended its operations in Cuba due to US sanctions, said in its statement that Washington allowed it to bring fuel and other materials necessary to extract nickel into Cuba.
This announcement paves the way for the company’s resumption of activities in the “Moa” mine, after US sanctions forced it to withdraw from Cuba in early May.
Shortly after its withdrawal, Sherit retracted a decision it had taken to liquidate its assets, and announced that it was in negotiations to sell 55 percent of its shares to the American company, Gillon Capital, a deal that would make the American company its majority shareholder.
Gillon Capital is owned by Ray Washburn, who worked with President Donald Trump in the White House during his first presidential term.
Sherritt stated that the “fuel license” granted by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury “allows the sale, transportation, export and delivery of fuel, fuel oil and sulfur to (Moa Nickel), in addition to the provision of related services.”
The company's statement indicated that the talks with the Office of Foreign Assets Control, the body responsible for imposing sanctions on Cuba, took place in close coordination with “Guillon Capital.”
The statement added, "The actual resumption of operations at (Moa Nickel) remains subject to obtaining a second emergency license from the Office of Foreign Assets Control."
Washington imposed a blockade on Cuba's energy sector last January, allowing only fuel shipments coming from the United States and destined for the private sector to enter.
Trump has previously spoken publicly about the possibility of controlling the island, claiming that it poses a threat to American national security.
The profits of five Saudi banks out of eight that announced today their financial results for the third quarter of 2026 have increased on an annual basis, led by “Bank Al Jazira” with a growth rate of 17.9 percent, while “Al Rajhi Bank” maintained the lead of banks in terms of the value of profits. While “First Saudi Bank” and “Saudi Investment Bank” have not announced their results at the time of preparing this report.
“Al Rajhi” is the largest profitable company
Al Rajhi Bank achieved net profits amounting to 7.106 billion riyals ($1.895 billion) during the third quarter, an increase of 11.7 percent on an annual basis, and 1.3 percent compared to the second quarter of the current year.
Total operating income rose to 11.115 billion riyals ($2.964 billion), an increase of 12.5 percent year-on-year.
The island is the most developed
Bank Al Jazira recorded the highest annual growth rate among the eight banks, after its net profits rose 17.9 percent to 471.6 million riyals ($125.8 million), exceeding analysts’ average expectations of 443.7 million riyals ($118.3 million). Total operating income also increased by 10 percent.
Banque Saudi Fransi achieved net profits amounting to 1.509 billion riyals ($402.4 million) during the third quarter, an increase of 12 percent compared to the same period of the previous year. The profit growth was supported by a rise in total operating income, which increased by about 10 percent year-on-year.
Riyad Bank recorded net profits amounting to 2.866 billion riyals ($764.3 million), an increase of 6.64 percent on an annual basis and 8.18 percent on a quarterly basis. Total operating income increased 7.6 percent to 5.05 billion riyals ($1.347 billion).
As for the Arab National Bank, its net profits increased by 1.7 percent on an annual basis to 1.35 billion riyals ($360 million), but declined by 5.1 percent compared to the second quarter.
Credit provisions are putting pressure on profits
On the other hand, the profits of the “Saudi National Bank” decreased by 0.29 percent on an annual basis to 6.45 billion riyals ($1.72 billion). On a quarterly basis, profits fell 2.3 percent.
Financing and investment income rose to about 16 billion riyals ($4.267 billion), an increase of 1 percent, while operating expenses before provisions for credit losses rose 9 percent to 2.716 billion riyals ($724.3 million). The net provision for credit losses also increased by 39.6 percent to 323 million riyals ($86.1 million).
Alinma Bank recorded a slight decline in its net profits by 0.2 percent on an annual basis to 1.588 billion riyals ($423.5 million), and profits decreased by 0.4 percent compared to the previous quarter.
At Bank Al Bilad, net profits fell 3.5 percent to 740 million riyals ($197.3 million), compared to 766 million riyals ($204.3 million) in the same quarter of the previous year.
In a statement published on the Saudi Stock Exchange (Tadawul) on Tuesday, the bank attributed the decline in profits to a 16 percent increase in total operating expenses, as a result of an increase in general and other administrative expenses and depreciation and amortization expenses, despite the decrease in salary expenses and the like.
The net provision for credit losses also increased by 150 percent on an annual basis to 82.4 million riyals ($22 million), as a result of the increase in the provision for credit losses for financing. This came despite a growth in total operating income of 5 percent, supported by a 7 percent increase in net income from investment and financing assets, in addition to an improvement in income from fees and commissions and foreign currency translation gains.
