A critical distinction: 'Not buying oil from Russia' and 'not buying Russian oil' are two very different things.
- Apr 19, 2023, 3:17 AM CDT
While the EU, Australia, and most of the G7 countries have banned imports of Russian crude oil, they have increased imports from “laundromat” countries. “These price cap coalition countries have increased imports of refined oil products from countries that have become the largest importers of Russian crude. This is a major loophole that can undermine the impact of the sanctions on Russia,” CREA said in its report.
Price cap coalition countries increased their imports from those countries by 80%, or by $20.5 billion , in the year since Russia’s invasion compared to the prior year.
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