Western sanctions on Russian energy have greatly reduced Russia's national oil revenue. However, tens of billions of dollars of hidden profits may flow to shipping and refining companies, which have close ties to Russia. At least 20 trade and banking sources said most of the winners from Western energy sanctions against Russia came from companies in India, Greece, China and the United Arab Emirates. Some of these companies are partly owned by Russian leading energy companies.
Who Enjoys Huge Profits amid West’s Oil Sanctions Against Russia?
Western sanctions on Russian energy have greatly reduced Russia's national oil revenue.
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