FT Uncovers $90 Billion Russian Oil Smuggling Network Linked to Rosneft

A Financial Times investigation has exposed a massive network of 48 shell companies used to smuggle at least $90 billion worth of Russian crude oil. The coordinated network was designed to mask the origin of the oil and bypass international sanctions and price caps imposed following the invasion of Ukraine. According to the report, the involved firms and individuals are closely linked to Rosneft, Russia’s largest state-controlled oil producer. The network was reportedly uncovered due to a significant IT blunder, as all 48 entities were found to be sharing a single private email server. This revelation is expected to trigger tighter enforcement of Western sanctions and potentially restrict Russian oil flows. Market analysts suggest that increased scrutiny and potential new sanctions could put upward pressure on global oil benchmarks like Brent and WTI.