- Nov 15, 2006
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The trade in sanctioned oil is booming as the US turns a blind eye
Analysts say that the rise in the movement of oil in contravention of western sanctions is often happening with the full knowledge of the US governmentAccording to the EIA the truth is both shockingly brazen and increasingly common; oil originating in countries currently sanctioned by the US and its allies is being systematically relabelled as coming from third-party countries like Malaysia, Oman and the UAE, in order to skirt international embargos.
Under this now well recognized process, oil is taken from Russia, Iran or Venezuela to meeting points in South-east Asia and transferred from tanker to tanker, where it is then relabeled as coming from a nearby oil producer, before it is shipped on to China.
These ship-to-ship transfers of oil are highly risky, threatening both the environment and the safety of the crews involved. They occur with little oversight and often in dangerous conditions on the high seas. Despite this, such transfers are being performed daily while local officials and western governments turn a blind eye.
Despite such efforts, the trade in sanctioned oil from countries like Russia and Iran has boomed over the last year. Iranian monthly oil exports alone hit an estimated five-year-high in August of this year, according to watchdog group United Against a Nuclear Iran (UANI). The group estimate that 91% of that oil was imported by China.
Analysts say that this trade is going on with the full knowledge of the Biden administration, who have prioritized diplomatic overtures with Iran over enforcing their own sanctions.