The EU and G7 have found a loophole to bypass their own restrictions, research has claimed © Getty Images / djgunner
Western states that have banned direct purchases of Russian oil are now buying it indirectly from third countries, a report from the Centre for Research on Energy and Clean Air (CREA) claimed on Wednesday.
In December, the EU, G7, and allied countries imposed an embargo and a $60-per-barrel price cap on Russian oil. Similar restrictions were introduced in February for exports of Russian petroleum products.
While the so-called ‘price cap coalition’ cracked down on crude imports, it has increased purchases of refined products from “oil-laundering” countries, CREA claims.
The EU, Australia, and most of the G7 countries imported a combined $45.9 billion worth of oil products from countries that have become the largest buyers of Russian crude in the 12 months since the beginning of the conflict in Ukraine, the report stated.
According to CREA, “among the price cap coalition, the largest importer of oil products from the laundromat countries was the EU,” with imports reaching $19.4 billion since last February. Australia reportedly purchased $8.8 billion worth of refined crude in the 12-month period, followed by the US with $7.2 billion, the UK with $5.5 billion, and Japan with $5.2 billion. The highest proportions of imported oil products into price cap coalition countries were for diesel (29%), jet fuel (23%), and gasoil (13%).
China’s monthly exports of oil products to the EU and Australia spiked far above historical levels in late 2022, the Finland-based research center revealed.
According to the report, which is based on ship-tracking data, the price cap coalition countries ramped up imports of refined oil products from China by 94%, Turkey by 43%, the United Arab Emirates by 23%, Singapore by 33%, and India by 2%.
“The price cap coalition countries are responsible for the vast majority of the increase in laundromat countries’ exports of oil products,” CREA said. It claimed that 56% of Russian oil shipped to new destinations “has been transported by vessels owned and/or insured” by Western nations.
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So they are taking the old ww2 play book out of the draw and using it again. This is simply big, old money making a fortune no matter what happens. This will be the way the super rich make money in war time as well. NOTHING NEW HERE sheeple!
Controlled demolition of the west.
In this case, by increasing the cost of energy for deplorables deemed to be consuming more than your “fair share”.
In order to equalize, or level, standard of living between first world nations and second and third world nations, your standard of living must be crippled.
Only then can leveled nations be merged under uniform (totalitarian) government.
All current events have this as their backdrop, from Covid to trannies, and from financial crises to wars.
You are correct.
Got off grid power? Heat?
Got arable land? Skills to utilize it?
Got a low tech home?
Anyone who does not, should really be in the process of getting. It won’t guarantee survival, but it will significantly improve your odds.
What is your solution for off grid power? Wind seems the one resource to run generator adequate for keeping batteries charged that will suit our “standard” of “comfort” in the home. I can “make it” under a shade tree even sleep in a tent. My wife does not want to live like that and she is very modest in our lifestyles.
Anything fossil fuel for us would be out of the question as in when one’s supply runs out and cannot find what then? With a whole house generator, a “luxury” by my “standards”, it is certainly welcome in broiler like summers we can keep the house cool, modestly, during commercial power outages. Again when does the fuel become non available? 300 gal tank I purchase 100 gal of propane every two years to date so the tank will normally be around 50% capacity. That ain’t the “answer” obviously for off grid power. If prices subside may be worth filling to 80% capacity. I think it was $3.50 gal for last Nov. 100 gal order.
A wind turbine is expensive at least when I considered one in 2006. Of course the generator was not “cheap” but not as pricey as a homestead wind turbine.
Solar? I don’t care for the panels. Might do it “depending”. Then of course with either wind or solar there the batteries. Seems this battery thing has become lunacy what with the batteries required for electric and hybrid vehicles with much talk about the actual “impact” in mining and producing the things.
In the “old days” when people referred to the “light bill” they were talking the single hanging light in the kitchen. Something very simple could probably keep some lights and a frig running. If it comes to that , it comes to that.
You pretty much hit it on the head; relearning the “old ways.” You need to think PAST power. This is going to be an “adapt or die” situation. …There’s going to be a whole lotta dying going on…
I live in the Desert Southwest. Air conditioning is considered a necessity, but people lived here long before A/C. Heat might be a different story. If you live in a place and can’t make heat, you’re gonna be in trouble, or at very least, cold as a witch’s tit. Food… Food, its availability, its storage, preservation, and preparation… That’s going to be the killer… Lack of refrigeration, lack of means to prepare, lack of food itself, and an abundance of dysentery from eating bad food… That’s the first thing you need to cover; that and WATER.
As in days past, your wife will need to deal with this…
Believe me, she makes the best campfire coffee.
Nobody knows how it is going to play out. Even if the power goes out, you can bet millions of people are going to put their heads together to get it back on. This country will never be poor, just exploited. How the worm turns.
Firewood in winter, sweat in the summer. Clean water is most important.
I think the best I can manage is a small solar system to run individual tools or appliances, if we get another year or 2. The farm is coming along, but it is a process. I don’t think we would have been able to afford one that already had infrastructure, so we settled for mostly cleared usable land.
“Got arable land? Skills to utilize it?”
Won’t matter when they march everyone off to their 15 minute cities per UN 2030.
Personally, this is one of a few of the “hills to die on”.
Color me surprised! (ok /s)
Thinking about the Bud Light boycott, geez, will Bud Light-laundering take place? I know that’s silly.
Just leave Russia alone. Sure, Russia may blow US to smithereens eventually because you can’t believe a word that people say As the World Turns.
BRICS+ runs on fossil fuels. Foolish countries pretend to end fossil fuels.
This is right up there with California’s “governor” Newsom. He banned the use of clean-burning natural gas power plants in his effort to destroy the state… er… GO GREEN. The green unicorns didn’t crap enough power to make his delusion reality, so he ended up having to buy MORE EXPENSIVE power from out of state. Power that most likely was created by BURNING COAL! End result; 60% increase in the electric bills of Californians.
…Go ahead; say it. “You got what you voted for.” I have YET to find ANYONE who voted for Newsom or ANY of his lackeys. 70% of Californians don’t want to see Newsom in the White House, and yet he somehow survived a recall and was “re-elected…”