Official EU announcements or legislative records

EU Investigates €3 Billion Loophole Allowing Turkey to Export Rebranded Russian Oil

Nov 5, 2024, 08:13 AM

The European Union's anti-fraud office, OLAF, has launched an investigation into a loophole that allows countries like Turkey to rebrand sanctioned Russian oil for export to the EU. This scheme reportedly helped Moscow earn up to €3 billion from Turkish ports in a year, despite the EU’s sanctions. Politico reported, citing two sources. This situation has raised concerns about the effectiveness of EU sanctions and the need for a decisive response to close these loopholes.