A recent report has shed light on how Russia has been successful in evading sanctions that were imposed to limit its revenue from oil sales. Despite efforts from the international community to curb Russia’s income from oil, the report reveals that the country has found ways to circumvent these measures.
The report indicates that Russia has managed to navigate around the sanctions by utilizing a variety of tactics, including conducting transactions in Chinese currency, using cryptocurrency, and engaging in bartering agreements with other countries. These methods have enabled Russia to continue profiting from its oil sales, despite the restrictions placed upon it.
One of the key findings of the report is that Russia has been able to establish strong economic ties with China, allowing it to conduct transactions in the Chinese currency, the yuan. By bypassing the traditional financial systems that are subject to sanctions, Russia has been able to avoid the limitations placed on its oil revenue.
Additionally, the report highlights how Russia has turned to using cryptocurrency as a means of conducting transactions outside of the traditional banking system. This move has provided Russia with a way to further circumvent the sanctions and continue to reap the benefits of its oil sales.
Furthermore, the report points out that Russia has engaged in bartering agreements with other countries, exchanging oil for goods and services instead of traditional currency. This has allowed Russia to effectively sidestep the restrictions on its oil sales and maintain a steady stream of revenue.
Overall, the report underscores the challenges faced by the international community in enforcing sanctions against Russia and highlights the need for continued vigilance in ensuring that such measures are effective in curbing the country’s revenue from oil sales.
Source
Photo credit www.nytimes.com