Russia and Vietnam ‘use energy profits to avoid possible arms deals sanctions’

Vladimir Putin and Vietnam’s President To after a meeting in 2024 Lam. Picture: Pool via AP

Russia and Vietnam have developed a back-door method of concealing arms deal payments to avoid sanctions from the US and other Western sanctions, according to reports.

The two countries are using the profits from joint oil and gas ventures to pay off defence contracts without any open transfers of cash through the global banking system, internal Vietnamese documents obtained by The Associated Press show.