Treasury Says Europe Buys India-Refined Russian Oil as Iran Tankers Mask Routes

U.S. Treasury Secretary Bessent said on Thursday that European buyers have been importing Russian crude that was first processed in India, indicating that sanctions aimed at restricting Moscow’s oil revenues are being skirted through third-country refining hubs. Bessent did not specify volumes but warned that the Treasury is monitoring the trade and will consider additional measures to close what she described as a growing loophole. Separately, a Nikkei analysis of 179 Iranian crude tankers found that roughly 70% masked their routes in the first seven months of 2025, allowing shipments to reach China despite U.S. sanctions on Tehran. Nikkei reported little change in shipping patterns even after a series of Israeli and U.S. strikes on Iranian assets in June, underscoring Iran’s continued ability to generate oil revenue that could support its nuclear program.