US buys Russian oil despite import ban

On January 11, RBK news agency cited data from the US foreign trade statistics database saying that the US imported nearly 10,000 barrels of Russian crude oil - worth $749,500, in November 2023.

The US Treasury Department 's Office of Foreign Assets Control (OFAC) is still issuing special licenses to allow some oil purchases from Russia, even as Washington takes the lead in banning crude oil imports from Moscow.

The US is still buying Russian oil despite the import ban. (Photo: Getty)

The November oil import is believed to be the first US oil purchase directly from Russia since Washington imposed a crude oil import ban on Moscow.

The US has continued to buy goods from third countries during the ban on Russian oil. According to a recent report by Global Witness , based on ship tracking data from Kpler, in the first three quarters of last year, the US imported 30 million barrels of fuel from Russian refineries. These purchases were made through what the agency calls the “refinery loophole,” which allows oil to enter the US after being shipped outside Russia and refined.

In addition to the US embargo, Russia’s seaborne oil is also subject to G7 and EU price caps. The measure, which will be introduced by the end of 2022, prohibits Western companies from providing insurance and other services for Russian crude shipments unless the cargo is purchased at or below the $60-a-barrel price limit, and places similar restrictions on Russian refined petroleum products.

This oil price cap was not enforced for a long time, until October 2023, when the US began to plug the loopholes in this mechanism by severely sanctioning tankers and shipping companies suspected of transporting Russian oil in excess of the price cap set by the G7/EU.

However, market experts say the new restrictions are unlikely to be a serious hindrance to Russia’s oil trade. Despite the restrictions, Russia exported around 250 million tonnes of oil last year, 7% higher than in 2021, before the Ukraine conflict and Western sanctions.

Kong Anh (Source: RT)

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