The American Wall Street Journal reported that small European companies are buying Russian oil at cheap prices Under the cover of long-term contracts, and sell it in the markets.
These companies are exploiting loopholes in sanctions and buying Russian oil, the newspaper said.
It comes at a time when the European Union is still arguing with Hungary over plans to ban oil imports from Russia, the world’s second-largest crude exporter, after it invaded Ukraine.
And German Economy Minister Robert Habeck said last Tuesday that the EU countries would likely agree to ban Russian oil “within days”.
But Habek, in an interview with ZDF television a day ago, warned that a ban would not automatically weaken the Kremlin because higher prices enable it to reap more revenue, while selling less oil.