12:20 - 25.04.2024

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April 25, Fineko/abc.az. The UK continues to purchase Russian oil on a large scale, using the existing legislative loophole to circumvent sanctions.

ABC.AZ reports with reference to The Guardian that £2.2 bn pounds were spent on imports of refined oil from India, China and Türkiye in 2023. Comparable volumes were purchased in 2022, while £434.2 million were spent for these purposes in 2021.

India, China and Türkiye are among the largest buyers of Russian oil.

"While Russian oil is processed in another country, it is no longer considered to be produced in Russia, which allows it to circumvent the trade ban. As a result, Russian oil is sold to allied countries for refining before being exported to the UK," the publication notes.

At that, UK government reports show that direct oil imports from Russia decreased from £1.5 bn in the 1st quarter of 2022 to zero a year later.