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Russian oil companies earn nearly $1 bln thanks to US sanctions

August 19, 2019/ 08:31

Moscow. US oil sanctions against Iran and Venezuela increased demand for oil from Russia, which allowed Russian exporters to earn at least $905 mln in additional revenues between November and July, Bloomberg wrote.

Bloomberg’s calculations take into account the difference between the price of Russia’s exported Urals oil and the Brent benchmark over the period compared to the five-year average.

Thus, the demand for Urals in the Mediterranean region is at its historic peak, according to analysts polled by the agency, informs TASS.

The US administration imposed sanctions against Venezuela at the end of January 2019, and tougher sanctions against Iran cane into effect in May (entered into force in November 2018, but with exceptions).


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