From the article…
Five “laundromat” countries that export Russian crude to the EU were identified by the Centre for Research on Energy and Clean Air (CREA) in its new report.
The countries ramp up their imports and sell the refined products to Western counterparts that have imposed sanctions to whittle down the Kremlin’s revenues that fund the Ukraine invasion.
This is perfectly normal. Sanctions are irrelevant and paid by consumers worldwide unless every single country sanctions Russia. If China and India don’t join sanctions, they have little relevance.
Sanctions are just a sharade, they never work. Iran had all sort of sanctions over the years and they have every tech a government may desire.
Classic Independent headline.
EU is buying oil from:
> The five countries are China, India, Turkey, the United Arab Emirates (UAE) and Singapore.
Who have bought their oil from Russia. This isn’t a direct transaction as implied.
Is this really a big deal? As long as Russia is not the one enjoying big profits, the sanction works as intended. These countries buy cheap from Russia and sell to us. They enjoy the profit. Nothing in the sanctions prohibit that.
Sure, right now urals is a bit higher than the $60 price cap but that’s not because of these countries. That’s because of OPEC reducing production. So if you want to blame anyone, blame OPEC.
5 comments
From the article…
Five “laundromat” countries that export Russian crude to the EU were identified by the Centre for Research on Energy and Clean Air (CREA) in its new report.
The countries ramp up their imports and sell the refined products to Western counterparts that have imposed sanctions to whittle down the Kremlin’s revenues that fund the Ukraine invasion.
This is perfectly normal. Sanctions are irrelevant and paid by consumers worldwide unless every single country sanctions Russia. If China and India don’t join sanctions, they have little relevance.
Sanctions are just a sharade, they never work. Iran had all sort of sanctions over the years and they have every tech a government may desire.
Classic Independent headline.
EU is buying oil from:
> The five countries are China, India, Turkey, the United Arab Emirates (UAE) and Singapore.
Who have bought their oil from Russia. This isn’t a direct transaction as implied.
Is this really a big deal? As long as Russia is not the one enjoying big profits, the sanction works as intended. These countries buy cheap from Russia and sell to us. They enjoy the profit. Nothing in the sanctions prohibit that.
Sure, right now urals is a bit higher than the $60 price cap but that’s not because of these countries. That’s because of OPEC reducing production. So if you want to blame anyone, blame OPEC.