Czechia fully independent from Russian oil for the first time in history
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EU purchases of laundered Russian oil worth an estimated €1.1 billion to the Kremlin in 2023
The fuel is entering through a not-so-small loophole left in EU sanctions which allows products refined from Russian oil to flow into the bloc. This has resulted in a ‘laundromat’ where refineries in countries like India and Turkey, can import discounted Russian crude, refine it into products like diesel, jet fuel, or gasoline, and legally sell the refined oil to embargoing jurisdictions like the EU.
Has this meaningfully changed? Because I'm finding a lot of news about EU states increasing their trade with Turkyie and it's neighbors, without a hard look at where this glut of reserve is coming from.
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EU purchases of laundered Russian oil worth an estimated €1.1 billion to the Kremlin in 2023
The fuel is entering through a not-so-small loophole left in EU sanctions which allows products refined from Russian oil to flow into the bloc. This has resulted in a ‘laundromat’ where refineries in countries like India and Turkey, can import discounted Russian crude, refine it into products like diesel, jet fuel, or gasoline, and legally sell the refined oil to embargoing jurisdictions like the EU.
Has this meaningfully changed? Because I'm finding a lot of news about EU states increasing their trade with Turkyie and it's neighbors, without a hard look at where this glut of reserve is coming from.
Russia still looses Money on this, as the Turkey and India won't pay full price for this oil
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Russia still looses Money on this, as the Turkey and India won't pay full price for this oil
Russia still looses Money on this
The margins on O&G are enormous. They're not pumping gas for charity.
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Russia still looses Money on this
The margins on O&G are enormous. They're not pumping gas for charity.
They still get a worse price than if they could sell directly to Euroe
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They still get a worse price than if they could sell directly to Euroe
"Euro Bonds" are the two scariest words in the US Treasury's vernacular right now.
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EU purchases of laundered Russian oil worth an estimated €1.1 billion to the Kremlin in 2023
The fuel is entering through a not-so-small loophole left in EU sanctions which allows products refined from Russian oil to flow into the bloc. This has resulted in a ‘laundromat’ where refineries in countries like India and Turkey, can import discounted Russian crude, refine it into products like diesel, jet fuel, or gasoline, and legally sell the refined oil to embargoing jurisdictions like the EU.
Has this meaningfully changed? Because I'm finding a lot of news about EU states increasing their trade with Turkyie and it's neighbors, without a hard look at where this glut of reserve is coming from.
That is honestly not that bad of a problem. Russia used to export a lot of refined products, so they loose the profits of doing the refining. They also have to sell for a lower then market price. Hence much less money for Russia and the global oil market does not have a huge supply problem.
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That is honestly not that bad of a problem. Russia used to export a lot of refined products, so they loose the profits of doing the refining. They also have to sell for a lower then market price. Hence much less money for Russia and the global oil market does not have a huge supply problem.
Russia used to export a lot of refined products, so they loose the profits of doing the refining.
They liquidated a bunch of their industrial refining capacity in the late 90s/early 00s thanks to Yeltsin's implementation of Shock Doctrine economic reforms.
My home town of Houston hosts a bunch of Soviet made refinery equipment bought for pennies on the dollar from overseas.
That's got nothing to do with current EU sanctions. If anything, Russian reinvestment in heavy industry has been one of the brighter spots of the Putin Regime and a major source of his popularity.
Last year 17.5% of EUs LNG imports came from Russia. There is no reason for doing that more then three years after the full scale invasion.
There's a strong economic reason to obtain gas from the lowest cost provider. LNGs floated in from the US can't meet demand and cost 10x Russia rates at market.
Combine that with the US tariffing of trade deficits and insourcing of energy consumption for AI development and you've left Europe with no other option for gas power.
