Oil from Russia is mixed with raw materials from other sources in Singapore and from there exports oil from Russia to Europe. As Bloomberg wrote, Moscow has found such a loophole for the supply of oil to circumvent sanctions.

According to the newspaper, the demand for oil storage tanks in the republic is rapidly increasing. Mixed oil is beneficial to everyone. Raw materials from Russia are mixed with supplies from other sources, and with the help of dilution it is possible to hide the origin of cargoes.

Bloomberg specified that the Singapore authorities have not banned imports of Russian oil, even though financial institutions are not allowed to cooperate with Russian goods and enterprises.

According to shipping company Vortexa Ltd. the Asian country’s terminals in December 2022 received twice as much Russian oil as in 2021. Singapore received 2.6 million barrels of oil – 40 times more than last year’s figure.

On the eve of Reuters, citing a report by a high-ranking source wrote that Russian oil refineries (refineries) expect a drop in production by 15% due to the European embargo on petroleum products, which will come into force on February 5.

Earlier we reported about the week ending with oil prices jumping 7-8%.