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ANALYSIS: Putin gains an additional €1BN from a Bulgaria sanctions loophole

By Alisha Houlihan for AMLi

After Russia’s largest private oil company exploited loopholes in EU sanctions rules with Bulgaria’s help, the Kremlin has raked in an extra €1BN for its war effort. 

As a result of a unique exemption to the EU’s Russian oil ban, Bulgaria enabled millions of barrels of Russian oil to reach a local refinery, which then exported refined fuels worldwide, including to the EU.

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