Trump’s Oil Sanctions Leave Russian Exporters $1 Billion Richer

  • U.S. sanctions on Iran and Venezuela have increased demand for Russian oil, boosting revenues for the nation’s exporters
  • Russia’s Urals blend of crude has started to regularly trade at a premium to Brent
  • However, the spread may shrink soon as the end of the summer driving season and start of autumn maintenance at European refineries curbs demand for Urals