The triangle does: China and India resell Russian oil to Europe, and that’s okay

The West has closed with Russia, but buys from “laundry” countries that have increased imports from Moscow at a discount. It looks like a flaw in the sanctions, but it’s not. The price cap has two goals, to reduce the Kremlin’s revenue and to let its crude flow to the markets: it’s working

The Center for Research on Energy and Clean Air (Crea)a Finnish think tank that analyzes Russian exports, has published a report – anticipated yesterday by Corriere della Sera – which basically states that the Western embargo on Russian oil is circumvented. The EU and the G7 have banned the import of crude oil and petroleum products from Russia, but to replace them they have increased imports from other countries outside the “coalition” – such as China, India, Türkiye, United Arab Emirates and Singapore – which in turn have become the main importers from Russia. These countries are being referred to as a “laundry” that launders Russian oil and resells it as refined products to countries that have sanctioned Moscow.