Buyers of Russian crude are exporting refined oil to the West
The price-cap scheme has created opportunities for middlemen
Western countries imposing sanctions on Russia’s oil industry have had to thread a needle. Every barrel the country sells helps finance its war in Ukraine. But a sharp cut in Russian exports would send prices surging, raising the value of Russia’s remaining output.
This article appeared in the Graphic detail section of the print edition under the headline “What goes around comes around”
From the June 24th 2023 edition
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