Sanctions imposed by EU/G7 countries prohibit the importation of Russian crude oil and oil products. The lack of a policy on refined oil produced from Russian crude has meant that third countries not imposing sanctions can import Russian crude, refine them into oil products and legally export them to price cap coalition countries (PCC). This major loophole has helped stabilise the price of Russian crude and ensured that extortionate revenues keep flowing back to the Kremlin.
