On February 24, the United States " The UK and the EU also expanded their " Part of the reason for the tightening of sanctions was a desire to close loopholes. America explained that it pursues " And Europe has promised to punish those who betray the Ukrainians.

But an investigation by The Economist and Source Material suggests that Russian sanctions evasion is only getting more cunning, especially when it comes to sanctions against oil that finances Putin's war..

A month ago, Europe introduced a ban on the import of petroleum products. And even before it was forbidden to buy Russian crude oil. To preserve global supplies while limiting Putin's income, the EU allowed its transport and insurance companies, as well as banks, to continue servicing Russian exports to other countries if oil is sold below the price ceiling set by the G7.. But things didn't work out the way they were supposed to.. Most countries outside the West have not imposed their own sanctions, which has allowed the appearance of a whole army of dubious intermediaries, unattainable for the efforts of the West..

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The publication draws attention to Bellatrix, an unknown trader whose shipping records show that he controls seven tankers capable of carrying three million barrels.. The tax return of the company in Hong Kong, where it is registered, shows that six weeks after the start of the Russian war against Ukraine, the company became the property of an Azerbaijani citizen, Bilal Aliyev.. The data also says Bellatrix has been involved in at least 22 agreements to trade Russian petroleum products since January 1st.. In all but three cases, the company has bought barrels from Rosneft, the Russian state giant. Where did Bellatrix get the money for this

A chain of papers gives clues. A declaration filed in Hong Kong shows that the state-owned Rosselkhozbank on December 30 approved a $350 million credit line for Bellatrix to be repaid by May 2025.. And this despite the fact that Russian Deputy Prime Minister Viktoria Abramchenko said on December 22 that sanctions should be lifted from this bank in order to facilitate food supplies, adding that “for our part, we guarantee that only food and our mineral. Another December 27 declaration shows that Bellatrix received a loan from the All-Russian Regional Development Bank, owned by Rosneft..

It appears that until this time a significant portion of Russian oil exports were financed through loans from the Russian government.. And traders pay for goods only after they receive the money themselves..

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“Our findings suggest that trade has become more institutionalized. Many unknown traders appear to be approaching Russian banks on behalf of buyers further down the chain.. Bellatrix appears to have a close business relationship with Coral Energy, a Dubai-based trader owned by another Azeri businessman.. The December 28 declaration shows that Bellatrix has a pre-payment and disbursement agreement with the Nayyara refinery in India (49% owned by Rosneft), which the company has transferred to Coral..

What can the West do to stop the flow of gray funding? US decides to blacklist Russian bank MTS days after it received a license in Abu Dhabi. Some interpret this as a signal that American pressure will soon intensify..

But demand for Russian fuel remains strong. Imports for Chinese independent refineries up 180% last month.

Deliveries to the port of Fujairah in the UAE break records due to Russian exports.

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Some of the oil even ends up in Europe after processing. Advocacy group Global Witness claims Western companies and traders such as Shell and Vitol are supplying Russian fuel to the EU from Turkey. Companies rightly emphasize that such trading is not illegal. The Economist writes that apparently the mechanisms of the Russian oil trade are increasingly smeared with Kremlin money..