An EU sanctions loophole made Russia an estimated $1.2 billion from the sale of fuels in the bloc last year.
An EU sanctions loophole that allows imports of Russian crude if it’s refined elsewhere made Russia an estimated $1.2 billion 1.1 billion euros from sales of fuels in the European Union last year, despite the embargo on direct imports from Russia, an investigation by NGO Global Witness showed on Friday. For more than a year, the EU has had a ban in place on imports of seaborne crude oil and fuels from Russia – with a temporary derogation for Bulgaria – as the bloc and its U.S.
Global Witness has tracked seaborne flows of crude from Russia to refineries around the world and then on to the European ports, and revealed that in 2023, an estimated 35 million barrels of Russian oil entered the EU in the form of refined petroleum products. It’s impossible to track specific molecules, but Global Witness analyzed the relative volume of Russian versus non-Russian oil used in a refinery’s feedstock, where data is available.
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