Russian oil companies received at least $905 million in additional revenues between November and July, Bloomberg reports with reference to their own data compiled.
The sanctions contributed to the growth in demand for crude oil which is made in Iran and Venezuela. This year, Russia’s Urals blend of crude, which used to be cheaper than Brent, has started to increase in price.
The United States tightened sanctions on Venezuela’s oil and gas sector in the wake of the 2019 protests against President Nicolas Maduro. In November 2018, the United states officially reinstated all sanctions against Iran that were previously lifted before the U.S. withdrew from the Iran nuclear deal (JCPOA).