Joint research by The Economist and SourceMaterial, an investigative outfit, suggests Russia’s sanctions-dodging is only getting more advanced—especially when it comes to flogging the oil that funds Vladimir Putin’s war
A month ago Europe imposed an import ban on refined Russian oil, having already banned purchases of the country’s crude. To keep global supply flowing while limiting Mr Putin’s revenues, theallows its shippers, insurers and banks to continue facilitating Russian exports to other countries so long as the oil is sold below a price set by the7 group of big economies. But Russia’s petroleum has not become as much of a bargain as hoped.
Take Bellatrix, a once-unknown trader which shipping data suggest now controls seven tankers capable of carrying 3m barrels. The firm did not respond to our questions, but a tax-return filing in Hong Kong, where it is domiciled, shows its ownership was transferred to Bilal Aliyev, an Azeri citizen, six weeks into the war. Data suggest it has been involved in at least 22 trades of Russian oil products since January 1st.
A paper trail provides clues. A filing in Hong Kong shows that the Russian Agricultural Bank, a state-owned lender, approved a loan facility of up to $350m to Bellatrix on December 30th, to be repaid by May 2025.
Until recently it seemed a good chunk of Russia’s oil exports were financed on open credit by the Russian government, with traders paying for the goods once they had collected the proceeds themselves. Our findings suggest the trade is becoming more institutionalised. Many obscure traders appear to be tapping Russian banks on behalf of buyers further down the chain.
Can the West do much to stem the stream of grey finance? Some interpret America’s decision to blacklist, a Russian bank, just days after Abu Dhabi granted it a licence, as a signal that it could soon apply more pressure. But Russian fuel remains in high demand. Imports by China’s independent refiners jumped by 180% last month. Heavy-fuel shipments to Fujairah, a port in theSome of the Russian crude is even finding its way back to Europe once refined.
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