Western Allies Buy $2 Billion in Russian Oil Despite Sanctions, Politico Report Finds
Sep 18, 2024, 08:00 AM
Western allies have purchased approximately $2 billion worth of fuel made from Russian oil in the first half of 2024, exploiting a sanctions loophole, according to a Politico report. This loophole allows Moscow to continue financing its military operations in Ukraine. The oil is being routed through countries such as Turkey and India, enabling Russia to bypass Western sanctions. Additionally, Russia has raised its forecast for 2024 oil and gas export revenues by $17.4 billion. The EU's efforts to reduce energy dependence on Russia have resulted in importing refined Russian fuel at inflated prices via third countries.
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