Russian oil is still seeping into the UK – why sanctions don't work | business news

The Russian government has made the most money from the oil and gas industry in the past three months since the initial invasion of Ukraine.

These figures highlight that despite the various sanctions imposed on Russia's fossil fuel exports since February 2022, Russia is still earning significant amounts. This is partly because it has not prevented Russia from exporting oil, gas, and coal, but has simply changed the landscape of the global fossil fuel business.

In the three months to April, Russia earned an average of 1.2 trillion rubles (£10.4 billion) per month in oil and gas revenues, according to a Sky analysis of figures compiled by Bloomberg.

This is the highest average for three months since April 2022.

This comes amid rising oil prices and concerns that sanctions against Russia will not stop the country from making money and waging war with Ukraine.

Before the invasion of Ukraine, the world's biggest beneficiaries of Russian oil experts were the European Union, the United States, and China. Afterwards, the UK, the US, and the European Union (EU) banned the import of Russian crude oil or refined products.

The G7 countries have also introduced price caps that would prevent Western companies, from shipping companies to insurance companies, from supporting Russian oil exports above $60 a barrel.

However, Russia continues to export as much oil as it did before the invasion of Ukraine and the imposition of price caps.

Sanctions experts say the price cap has been successful enough because it slightly reduces the potential profits the Kremlin enjoys if it wants to transport oil on most commercial ships. In response, Russia has reportedly built a so-called “dark fleet” of ships carrying Russian oil that do not comply with these sanctions.

Currently, the top three destinations for Russian oil are China, India, and Türkiye. The UK now imports far more oil and petroleum products from the Middle East than ever before, increasing its dependence on the Gulf region even further.

However, Russian fossil fuel molecules are still being exported to the UK, albeit indirectly. That's because sanctions imposed by Western countries do not apply to petroleum products refined elsewhere.

As a result, Indian refineries are importing record amounts of oil from Russia, and the UK is importing record amounts of oil from Indian refineries. This is a 176% increase since the invasion of Ukraine.

At least some Russian oil still powers Britain's cars and planes refueling at British airports, but it's difficult to know exactly how much because it's impossible to trace fossil fuels molecule by molecule.

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