**Russia’s Secret Oil Fleet: A $Billions a Year Loophole**
A new report has exposed a massive loophole in the sanctions imposed on Russia. The document, presented at a meeting in Brussels last week, reveals that over 1,000 old oil tankers are helping Moscow evade economic penalties through a “shadow fleet” of aging vessels.
These aging ships are being used to transport crude oil and generate billions of dollars in revenue for Russia. This is despite the fact that new oil tankers cannot be imported into Europe due to sanctions. The report argues that this has created an opportunity for Russia to secretly continue trading in oil, undermining the effectiveness of the sanctions.
**A $Billions a Year Industry**
The shadow fleet, as it’s been dubbed, is estimated to generate billions of dollars in revenue each year. This is money that would otherwise be denied to Russia due to the economic penalties imposed on the country following its annexation of Crimea in 2014 and the invasion of Ukraine in 2022.
**EU Under Pressure**
The report comes as European Union leaders meet in Brussels to discuss their strategy for dealing with Russia’s aggressive behavior. The document is calling for the EU to take a stronger leadership role in enforcing sanctions on Moscow, arguing that this would be a more effective way to pressure Russia into changing its political behavior.
**Commentary**
“This is a clear example of how loopholes can undermine the effectiveness of economic penalties,” said a spokesperson for the report. “It’s essential that we tighten up these rules and prevent countries like Russia from exploiting them.”
“The fact that over 1,000 oil tankers are being used to evade sanctions is shocking,” added another expert. “This should serve as a wake-up call for governments around the world to review their policies and plug these loopholes before they’re exploited further.”
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