Britain continues to buy Russian oil on a large scale, taking advantage of the existing legal loophole to get around sanctions. writes about this Guard.
The publication states that £2.2 billion will be spent on refined oil imports from India, China and Turkey in 2023. Similar volumes of procurement will be made in 2022, while £434.2 million was spent for these purposes in 2021.
India, China and Türkiye are among the largest buyers of Russian oil.
“As long as Russian oil is refined in another country, it is no longer considered to originate from Russia, allowing it to bypass the trade ban. As a result, Russian oil is sold to allied countries for processing before being exported to the UK.”
Meanwhile, UK government reports show direct oil imports from Russia fell from £1.5bn in the first quarter of 2022 to zero a year later.
Bloomberg April 18 issue reportedDue to sanctions, unknown companies are supplying Russian oil. Journalists write that recently specialized companies have begun to appear, unknown to experienced market participants, but at the same time capable of organizing deliveries.
Previously at IMF statedRussia’s income from oil exports is still high.
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Source: Gazeta
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