Eyyub Revives Russian Oil Exports, Sanctions Undermined

Previously reeling from American sanctions on Rosneft, which led India to cut imports and left millions of barrels of oil unsold, Eyyub's fortunes reversed when the U.S. issued waivers for stranded Russian crude. This geopolitical shift allowed Indian and Chinese refiners to replace Persian Gulf supplies, with India alone buying over 30 million barrels in recent weeks, much of it handled by Eyyub.

This unexpected demand has pushed Russia's Urals crude price almost to par with global benchmarks, undermining Western efforts to curb Russia's oil revenue and potentially providing a windfall for Moscow. Eyyub, who controls up to a third of the 600 ships ferrying Russian oil, has been sanctioned by the U.K., EU, and Canada, and faces a U.S. Justice Department investigation, yet remains critical to Russia's energy trade.