According to a report released today by Energy and Clean Air Research Center (CREA), five countries increased their imports of Russian oil after the invasion of Ukraine and turned it into products to sell to countries that sanctioned Russian oil.
Analysts say the “money laundering” operation is undermining the ceilings on Russian oil prices and fueling the invasion. According to the report, “This is a currently legal way to export petroleum products to countries that impose sanctions on Russia for changing the origin of the product.” This process helps build Putin’s war chest. »
The CREA identifies China, India, the United Arab Emirates, Turkey and Singapore as “laundering nations” that increased imports of Russian oil after the invasion of Ukraine. They also augmented the exportations of raffinés products vers les «pays in plafond de prize» which ont sanctionné le petrole russe, notamment l’Union européenne (UE), l’Australia, le Japon, le Royaume-Uni, le Canada et les United State.
“The European Union, the G7 and Australia continue to import Russian fossil fuels in the form of refined petroleum products from third countries and allow transportation on their ships and insurance,” he said. Yitzhak LevyEnergy analyst and co-author of the report.
The European Union is the largest importer of these refined products, according to CREA, followed by Australia. Most of the washed products travel on European ships. In the year after Russia invaded Ukraine, the five countries laundering money Increase marine imports of Russian crude oil by 140% compared to the previous year, according to CREA. sucks 70% of crude oil exports from Russia.
At the same time, they have Increase its exports of petroleum products by 26%. For allied countries where prices are set. Its exports to non-coalition countries did not only increased by 2%which indicates that most of Russia’s oil ends up in countries with higher prices.
He said, “The increase in imports of petroleum products from major importers of Russian crude oil undermines the oil sanctions imposed on Russia.” Laurie Milliverta, lead analyst and co-author of the report. On the one hand, cracking down on this trade is an opportunity to exert much-needed additional leverage and stop financing Russia’s brutal invasion of Ukraine. »
Russian oil in the form of diesel fuel, jet fuel and gasoil is transported to countries where prices are set.
The European Union has passed $19.3 billion For these products of Russian origin in the 12 months after the invasion of Ukraine, according to CREA, followed by Australia:
- Australia, $8.74 billion;
- United States $7.21 billion.
- United Kingdom $5.46 billion.
- Japan $5.24 billion.
CREA is an independent research institute registered in Finland, with staff spread across Europe and Asia. He has published studies of Germany’s dependence on Russian gas and the sudden drop in carbon emissions from Europe as it learned to live with reduced Russian supplies.
Translated article from the American magazine Forbes – Author: Jeff McMahon
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