EU investigates Russian oil supply scheme – Politico
5 November 2024 17:16
The European Anti-Fraud Office (OLAF) has launched an investigation into a loophole in EU sanctions that allows states such as Turkey to export banned Kremlin oil to the EU under a different name. This was reported by Politico, citing two sources familiar with the matter, reports "Komersant Ukrainian"
The investigation comes after it emerged that millions of barrels of Russian fuel are likely to arrive in the EU after being relabeled in Turkey, despite Brussels’ ban on such Russian imports.
This scheme is possible because of a loophole in EU sanctions that allows “blended” fuels to enter the EU if they are labeled as non-Russian.
This loophole brought Moscow up to €3 billion from just three Turkish ports in the 12 months after the EU imposed sanctions on Russian oil imports in February 2023.
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This practice demonstrates the creative ways in which Russia is circumventing EU sanctions and protecting its fossil fuel trade, which accounts for almost half of the Kremlin’s revenue. Last year, Moscow received another €1 billion from a separate loophole in EU sanctions in Bulgaria.
The investigation also comes amid deteriorating relations between Brussels and Ankara over its allegiance to Russia – even as Turkey takes minor steps to align with U.S. sanctions.
An OLAF spokesperson did not have an immediate comment, the publication reported.
As reported by , the Czech Republic spent 5 times more money on Russian oil than on aid to Ukraine.
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