Russia Seeks Oil Sanctions Workaround to Offset Hit to Budget

Russia anticipates a hit to the state budget from US sanctions against the country’s two largest oil producers over the war in Ukraine, though officials say they’re confident they’ll find ways to mitigate the impact of the measures.

Losses are inevitable, though hard to quantify at present, after US President Donald Trump’s administration blacklisted Rosneft PJSC and Lukoil PJSC, according to an official close to the Kremlin. Russia will deploy its network of oil traders and shadow tanker fleet to limit the financial impact, the official said, asking not to be identified discussing sensitive issues.