U.S. Sanctions Help Russia Boost Oil Exports in 2019
MOSCOW (RT) - Exports of Russian crude surged last year, with shipments to the U.S. increasing threefold, as Washington tightened sanctions against a number of countries, the Russian Ministry of Economic Development has said.
The volume of Russian oil exports was up 3.9 percent, according to customs data for January-November 2019. In a note, seen by business outlet RBC, the ministry said that the surge was due to Washington’s sanctions that targeted Iran and Venezuela, prompting Turkey and, surprisingly, the U.S. to buy more oil from Russia.
Exports to Turkey jumped more than four-fold in 11 months of 2019 as Turkish refineries switched to Russian supplies after the U.S. reimposed sweeping sanctions on Tehran. Exports to Ankara rose to 7.55 million tons last year, up from 1.69 million tons in 2018, according to the Federal Customs Service.
Since the U.S. hit Venezuela with sanctions, including restrictions on its vital oil sector, Russia sold three times more oil to the U.S. over the same period. Russia gained nearly $2 billion from crude exports to the U.S. as they reached 4.28 million tons in 2019. Additionally, Moscow sold $3.8 billion worth of petroleum products to Washington.
The volume of Russian oil exports was up 3.9 percent, according to customs data for January-November 2019. In a note, seen by business outlet RBC, the ministry said that the surge was due to Washington’s sanctions that targeted Iran and Venezuela, prompting Turkey and, surprisingly, the U.S. to buy more oil from Russia.
Exports to Turkey jumped more than four-fold in 11 months of 2019 as Turkish refineries switched to Russian supplies after the U.S. reimposed sweeping sanctions on Tehran. Exports to Ankara rose to 7.55 million tons last year, up from 1.69 million tons in 2018, according to the Federal Customs Service.
Since the U.S. hit Venezuela with sanctions, including restrictions on its vital oil sector, Russia sold three times more oil to the U.S. over the same period. Russia gained nearly $2 billion from crude exports to the U.S. as they reached 4.28 million tons in 2019. Additionally, Moscow sold $3.8 billion worth of petroleum products to Washington.