Rosneft CEO: U.S. main beneficiary of anti-Iran sanctions

Rosneft CEO: U.S. main beneficiary of anti-Iran sanctions

The U.S. has become the main beneficiary of sanctions against Iran as its oil shipments to Europe more than doubled in 2018, CEO of Russia’s oil major Rosneft Igor Sechin said at the 12th Eurasian Economic Forum.

According to him, the share of the U.S. oil on the market is being increased more via political rather than economic methods — "by ousting key players and foisting products."

Sechin noted that currently about one third of global crude reserves and one fifth of global oil production in Iran, Venezuela and Russia are restricted by U.S. sanctions. "Meanwhile the United States virtually extends its jurisdiction over other countries, including the European Union, which is forced to comply with the U.S.’ sanctions policy," TASS cited him as saying.

Rosneft CEO elaborated that Iranian crude imports to the EU dropped by a third last year and have been going down in 2019 as well. He added though that "the U.S. increased its crude supplies to the EU 2.5-fold in 2018," and it is particularly the U.S. that "became the key beneficiary of sanctions restrictions on the European market."