Russia’s sanctions-dodging is getting ever more sophisticated
How banks are greasing the wheels of the growing grey trade
On February 24th America marked the anniversary of Vladimir Putin’s invasion of Ukraine by freezing the assets of a dozen more Russian banks. Britain and the EU also lengthened their blacklists. Part of the reason for tightening sanctions again is to close loopholes in the existing regime: America is going after “evasion-related targets”; Europe vows to punish those “betraying” Ukrainians. As joint research by The Economist and SourceMaterial, an investigative outfit, suggests, Russia’s sanctions-dodging is only getting more advanced—especially when it comes to flogging the oil that funds Mr Putin’s war.
This article appeared in the Finance & economics section of the print edition under the headline “Refined tactics”
Finance & economics March 4th 2023
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