In the first half of 2024, the EU, the US, the UK, and other Western allies purchased around $2 billion worth of fuel made from Russian oil, according to a report by the Centre for Research on Energy and Clean Air and the Centre for the Study of Democracy.
This trade was facilitated by a loophole in sanctions: Russian oil is refined in third countries, such as Turkey, before entering Western markets.
“When the EU imports gasoline from Turkey, it’s 10% cheaper than from Saudi Arabia. But only companies and traders benefit from this,” said analyst Vaibhav Raghunandan.
Turkey has taken advantage of Russia’s discounted oil, increasing its imports by 70% this year. One refinery, Star Aegean, depends on Russian oil for 98% of its supply, with 9 out of 10 barrels of fuel going to Western nations.
Energy expert Martin Vladimirov warned that “this practice is a direct violation of the spirit of sanctions law,” urging the EU and G7 to close these loopholes by banning the import of oil products refined from Russian crude.
The continued flow of Russian energy to global markets underscores the importance of tightening sanctions on Russia’s energy sector. Stronger sanctions are critical to cutting off a major revenue source for Moscow, which funds its war efforts and undermines international pressure aimed at halting its aggression in Ukraine. Effective enforcement of sanctions in the energy sector is essential for weakening Russia’s economic and military power.
