Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars toward shipping and refining firms, some with Russian connections.
Most of the winners from the sanctions are based in China, India, Greece and the United Arab Emirates, at least 20 trading and banking sources said. A handful are partly owned by Russian companies.
None of the firms is breaching sanctions, the sources said, but they have benefited from measures designed by the European Union and the United States to reduce the revenues of what they call Russian President Vladimir Putin's war machine.