Loophole Allowed Russia to Earn $1.2 Billion From Fuel Sales to the EU

An EU sanctions loophole that allows imports of Russian crude if it’s refined elsewhere made Russia an estimated $1.2 billion (1.1 billion euros) from sales of fuels in the European Union last year, despite the embargo on direct imports from Russia, an investigation by NGO Global Witness showed on Friday. For more than a year, the EU has had a ban in place on imports of seaborne crude oil and fuels from Russia – with a temporary derogation for Bulgaria – as the bloc and its U.S., UK, and other allies look to stifle oil…