S.Africa: THE RUSSIAN CONNECTION CAUSED SANCTIONS ON PETROSA: PetroSA’s big sanctions problem, and major money laundering transit hub revealed

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Here’s what is happening in and affecting South Africa today:

New sanctions complicate PetroSA’s plans: PetroSA’s plan to revive its Mossel Bay refinery faces uncertainty after the US sanctioned Russia’s Gazprombank, the project’s financier. Last year, PetroSA partnered with Gazprombank Africa for its gas-to-liquid refinery, believing the deal wouldn’t violate sanctions. However, the US recently imposed sanctions on Gazprombank in its efforts to weaken Russia’s war efforts in Ukraine.

Southern Africa’s money laundering transit hub: Leaked files obtained by the International Consortium of Investigative Journalists (ICIJ) and further probed by amaBhungane show how a Dubai-based gold trader cosied up to the Swazi king’s son-in-law to allegedly launder money from South Africa to Dubai through Eswatini; an increasing hub for South Africa’s money laundering networks.

New threat to South African producers: South Africa’s steel industry is divided over tariffs, duties, and scrap metal policies, while a new threat emerges from Zimbabwe’s Dinson Iron and Steel Company (Disco), a subsidiary of China’s Tsingshan Group. Disco, which began production in July, aims to become one of the world’s lowest-cost steel producers by leveraging its own iron ore, coal, and power supply. In South Africa, ArcelorMittal (AMSA) is battling cheap Chinese steel imports and is lobbying for safeguard duties, but downstream manufacturers argue that higher steel prices would hurt them and that the industry might fare better without AMSA in its current form. [News24]

14 more Zama Zamas resurface: As the standoff between law enforcement and illegal miners at the Stilfontein mine in the North West enters another week, fourteen illegal miners surfaced late on Sunday night. Among them is a 14-year-old. It is unknown how many miners are still underground, as estimates vary from several hundred to thousands. [SABC]

Markets: The rand changed a little on Friday as precious metal prices rose, and the central bank’s cautious approach to cutting interest rates offset a stronger dollar. On Monday (25 November), the rand was trading at R18.04 to the dollar, R22.73 to the pound, and R18.90 to the euro. Oil is trading at $74.87 a barrel. [Reuters]
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Source: https://businesstech.co.za/news/5-things/801170/petrosas-big-sanctions-problem-and-major-money-laundering-transit-hub-revealed/