Kazakhstan will change the name of its oil, which is exported through Russian seaports, to distance itself from Russian oil, which has come under sanctions, Reuters reported, citing sources.

"Due to the recent significant geopolitical changes and to avoid their negative impact on the export of Kazakh oil through Russian ports, from June 2022 the next name of the grade is used - KEBCO (Kazakhstan Export Blend Crude Oil)", - Reuters quotes the letter of the Kazakh company "SNP". "Aktobemunaigas."

The renaming was confirmed by four other sources of the agency in the country's oil companies.

According to them, the changes will take effect on Monday, May 6.

“This is a necessary measure so that our oil does not fall under sanctions, and its name clearly indicates the country of origin in the documents.

Otherwise, we will have problems with opening letters of credit, ”a Reuters source explained.

About 20% of Kazakhstan's exported oil transits through Russian seaports, and although it is not technically subject to Western sanctions, these supplies have been repeatedly mistaken for Russian ones, Kazakh oil traders said.

Prior to the sanctions, oil produced in Kazakhstan was mixed with Russian oil to produce standardized export grades - Russian crude oil export mix (REBCO / Urals) and Siberian Light, The Washington Post reported earlier.

Both REBCO and the Urals have recently faced difficulties in selling oil, especially among European buyers, due to Western sanctions and their own restrictions by European companies, according to Reuters.

This week, the European Union announced an embargo on Russian oil imports from the end of 2022, which will completely ban sea supplies.