Despite U.S. sanctions, oil traders help Russian oil reach global markets

Since the U.S. imposed sanctions in March, American refineries have stopped welcoming tanker ships laden with Russian oil. But Russian crude exports to other parts of the world have been increasing.

The American sanctions aim to cut the hard-currency revenues that feed the Russian economy and its war effort: 36% of Russian federal budget revenues came from oil and gas last year, according to Russia's Finance Ministry. But while the U.S., Canada, the U.K. and Australia have formal embargoes, most countries around the world don't, and oil refineries from India to Spain are still purchasing Russian crude.

A drop-off in Russian oil exports was minimal and has strongly rebounded in April, despite fears of supply shortages driving recent high oil prices, says Matt Smith, lead oil analyst at Kpler, a data analytics firm. Russia has earned more than since its invasion of Ukraine, according to the Centre for Research on Energy and Clean Air, an international research group. A month into the U.S.-led sanctions, the flow