How is Russia exploiting loopholes to sell oil to the UK and EU?

now one of the main ways that Russia and the Kremlin make money is by exporting lots of oil around the world that’s been part of their business for a long time and it continues to be part of their business in fact if we look at total Russian oil exports outside of Russia you can see they have come down in terms of the Euros the amount that’s been earned since the invasion but now look at the total amount okay so this is looking at the weight in tons of oil exports and you can see well basically they are more or less the same as they were before The Invasion so back in February 2022 and this is in one sense a little bit odd because there are all these sanctions on Russia the UK the EU the US they say they’re not going to import Russian oil they’ve imposed this price cap supposedly Russia shouldn’t be making much money or as much money from it but actually when you look at the revenues uh that the Kremlin basically earns from all of this oil I’m going to take give you a kind of average here the three Monon average look at that red line it’s up to the highest level now since May 2022 okay so Russia is still making lots of money from oil but how are they doing it well here’s a clue okay let me just show you how who was receiving Russian oil before the invasion of Ukraine the main recipience with the US the EU and China now look at how that’s shifted okay so the geography has shifted these countries are no longer accepting it but China India and turkey are what’s happening there forward is quite interesting so oil goes from Russia it goes to places like India it gets refined and then because at that point the sanctions don’t apply anymore they’ve been kind of laundered that oil can go to Europe in fact it can go to the UK and if you look at Indian oil exports from India to the UK so before the invasion of uh Ukraine they were relatively low this is various different types of things so jet fuel Diesel and so on from India now look what happens after the invasion they go up quite sharply so that is oil coming from India that wasn’t previously coming and what we do know when we look at the various different refineries that comes from is that look at the red bits a lot of that oil and the oil products whether it’s jet fuel whether it’s diesel that comes to the UK actually started its life as crude coming from Russia except that rather than coming directly to the UK it’s gone via India instead

Despite more than two years and several rounds of energy sanctions, Russia is still making huge amounts of money from oil exports.

Sky’s Ed Conway looks at the shifting oil trade map enabling Putin’s war machine and finds that the UK is still importing Russian oil via countries like India and a refining loophole which means it can be processed and turned into oil products such as jet fuel or diesel and then exported to the EU and the UK.

Read more: https://news.sky.com/topic/russia-5803

#russia #oil #economy

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50 comments

  3. Wrong description.

    The EU could stop buying Russian oil and gas tomorrow, it’s an EU issue not Russia
    The EU knows it needs to buy Russian oil,and gas, it’s buying far more than India etc.

  4. One of the best things I heard was form DW Media, Germany is not buy gas form russia.

    No it’s buying gas from Belgium that then imports LNG from Russia like Spain.

  6. It's time to have some discussions with India and get them straightened out. They are helping the evil dictator, Putin. Slava Ukraine!

  8. The western countries shouldn't complain about India buying oil from Russia, when they are buying this same oil from India.

  21. How is Russia exploiting loopholes to sell oil to the UK and EU? How the UK and EU are exploiting loopholes to buy oil from Russia?

  24. Burn Oil refineries 😑😊🔥🔥🔥🔥
    "pas de bras pas de chocolat": Les Intouchables.
    No money no war. 🇺🇦🇺🇦🇺🇦✌🇺🇦🇺🇦🇺🇦
    RF internal cascade effect.

  43. Are the loopholes not being exploited by the buyers who created them rather? I doubt anyone is forcing them to buy.

  48. If western countries stop buying Russian oil that means they have to make and refine it themselves, the only other options are to collapse their own economies with skyrocketing prices or buy the Russian oil via proxy (India)

  49. This is call business. India is clever in between they earn from all this transport. The EU is not dumb they already knew all this loopholes. They just wan to show the world they actually doing something but they have limited abilities as Russian holds the key to their survival which is oil and gas. 😊

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