The Indicator from Planet Money Who's propping up Russian oil?
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Nov 5, 2025 Jackie Northam, an NPR international affairs correspondent, dives into the complexities of Russian oil sales amidst ongoing sanctions. Despite over 5,000 sanctions against Russia, many countries continue to buy its oil, often skirting their own regulations. Jackie highlights Taiwan’s significant role, particularly how private firms are navigating sanctions. The conversation also touches on the hypocrisy of other nations, like Turkey and India, that openly purchase Russian oil while publicly supporting Ukraine. The geopolitical implications of these actions reveal a tangled web of economic interests.
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Sanctions Hurt But Don't Break Russia
- Thousands of sanctions have weakened Russia but haven't toppled the Kremlin's war effort.
- Sanctions' effectiveness is limited when countries or companies keep buying Russian energy.
Public Support Vs. Private Purchases
- Countries publicly support Ukraine while privately buying Russian oil and gas, creating hypocrisy.
- Those purchases help finance the Kremlin and keep the war going.
Taiwan's Big Naphtha Dependence
- Taiwan has become the world's largest importer of Russian naphtha despite its geopolitical risks.
- Formosa Petrochemical accounts for about 90% of Taiwan's naphtha imports and has increased purchases sixfold since the war began.