A new report by the Center for Research on Energy and Clean Air (CREA) has found that European countries that banned Russian oil imports are instead importing huge amounts of oil commodities from India, China, United Arab Emirates, Singapore and Turkey, therefore qualifying them as laundromats.
A report from the Centre for Research on Energy and Clean Air suggests that a loophole in the G7 price cap is undermining sanctions on Russian oil.
Russia’s oil and gas revenue plunged 40% in January, a sign that the nation’s exports are feeling the squeeze of western sanctions, the International Energy Agency said.
So where is the 600,000 barrels of crude oil from Russia that arrived at the Tema harbour? And who procured that cargo and for what purpose?
The Institute for Energy Security (IES) is calling on government to come clear on the 600,000 barrels Russian crude oil aboard MT Theseus.
Minister of State for Petroleum Division Dr Musadiq Masood Malik has said under the Pak-Russia agreement, oil and gas would start reaching Pakistan this year, which would help provide relief to people.
Russia logged a nearly 50% drop in oil and gas revenue in January, contributing to a wider budget deficit.
Russia’s budget was $24.7 billion (1.76 trillion rubles) into deficit in January
Before the invasion of Ukraine, India was a small marginal buyer of Russian crude oil
On Sunday, the European Union enacted its latest embargo against Russia, banning the import of the country’s diesel fuel and other oil products amid their ongoing invasion of Ukraine.