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The Arkenu detail about sidestepping NOC and the central bank is fascinating because it shows how private actors can fragment sovereignty even faster than international sanctions do. When extractive revenue bypasses state institutions like this, the incentive to maintain those institutions basically collapses. I've noticed similar patterns in otherresource exporters where subsidy arbitrage becomes the real business model. The shadow fleet angle is undersold in mainstream coverage tho, probably because its harder to trace than state actors.

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