South Africa Ignores Western Pressure, Signs Mega Gas Deal With Sanctioned Russian Gazprombank

South Africa Ignores Western Pressure, Signs Mega Gas Deal With Sanctioned Russian Gazprombank - South Africa has stirred significant controversy by selecting Russia’s Gazprombank as its preferred investor partner to help national oil company Petro SA restart its gas-to-liquid or GTL refinery at Mossel Bay. Due to limited offshore gas resources, the 45,000-barrel-per-day GTL refinery has been idle since 2020. But on Wednesday, December 13th, 2023, Communication and Digital Technologies Minister Khumbudzo Ntshavheni told the press Wednesday that an agreement had been reached with Gazprombank on the $265 million GTL facility project, which involves refurbishing and recommissioning the refinery. However, this move is likely to anger the US and other Western entities which have imposed sanctions on the state-owned Russian firm. So why has South Africa made such a bold move to partner with this sanctioned Russian company? In this video, we will explore South Africa's controversial deal with Gazprombank and its potential implications in detail. To better understand this story, we need to go all the way back to 2022 when Russia first invaded Ukraine. Following Russia’s invasion of Ukraine in March 2022, Western nations unleashed a torrent of unprecedented sanctions on the Kremlin and its associates. Over 1,300 individuals, including prominent oligarchs like Roman Abramovich and Alisher Usmanov, were blacklisted, freezing their assets and restricting their travel. Key state institutions, including the Central Bank and major banks like Sberbank, were cut off from the crucial SWIFT messaging system, crippling their international financial transactions. The net widened further to encompass entire industries, with bans on exports of technology, luxury goods, and even basic materials like coal and oil. These measures aimed to cripple Russia's economy, sever its access to critical resources, and isolate its leadership, all with the ultimate goal of pressuring them to halt the war in Ukraine and deter future aggression. ▬▬▬▬▬▬▬▬▬ ✅SUPPORT US /AFFILIATE LINKS Use this affiliate link for your purchases at #MIZIZI International - Support our channel - PayPal: newafricachannel(at) Follow us on Instagram - Follow us on Twitter - Join us on Facebook - ▬▬▬▬▬▬▬▬▬ ✅COPYRIGHT DISCLAIMER The New Africa Channel doesn't fully own some of the materials compiled in its videos. It belongs to people or organizations who ought to be respected. If used, it falls under the following provisions: Copyright disclaimer section 107 of the Copyright Act 1976. “Fair use“ is allowed for purposes such as criticism, comment, news reporting, teaching, scholarships, and research. ✅ If you are the owner of the materials used in this video, contact us, and we will follow your request immediately: info(at) ▬▬▬▬▬▬▬▬▬ ✅COMMENTING POLICY Keep your comments and posts appropriate, helpful, and relevant. Any offensive, disrespectful, harmful, threatening, vulgar, obscene, or inappropriate content will be removed immediately. Spamming, vandalizing, promoting, and advertising are also not allowed. While we encourage free speech and open discussion, attacking or harassing other users is not tolerated. Repeat violators of this policy will be reported and may face a ban. ▬▬▬▬▬▬▬▬▬ #AfricaNews #TopAfricaNews #News #NewsAfrica #AfricaNews