Researchers in Ukraine claim that Russia is deceiving OPEC by selling oil at a higher price than quotas. This, they say, generates $60 billion per year.
Voice of America reports that Russia is “flagrantly” violating its agreements with OPEC, by concealing the true oil production and sale volumes. This generates billions of dollars in hidden revenue, which it uses to fund its war against Ukraine.
After the full-scale invasion in Ukraine, the West imposed sanctions against Russian oil, introducing price caps and import bans as well as restrictions on maritime insurance. Russia has managed to evade these sanctions by using a clandestine, “shadow fleet” that transports oil and goods in secret, generating revenue for the war effort.
According to a new report by the Ukrainian Centre for Defence Reforms, Moscow exceeded its production quota in the first four month of the year by at least 2,5 million barrels. VoA reports that this is despite agreements made with OPEC+ to reduce production in order to stabilize prices.
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