Smaller oil traders are shifting Russian crude and making $20 million from a single cargo load, a massive increase from the $600,000 they made before Russia invaded Ukraine.
The Wall Street Journal reported that they have stepped in to fill the void left by the exit of industry giants.
The price of Russian Urals oil is under $91 a barrel. The price of crude is $116 a barrel.
These traders are not violating EU sanctions. The EU is yet to impose a blanket ban on imports of Russian oil, despite banning European companies from doing business with the state-backed oil giant.
Russia still exports 3.6 million barrels of oil a day by sea, and that has opened the door for smaller traders to step in.
One firm that is benefiting from buying Russian crude is Paramount Energy and Commodities. According to Petro-Logistics, the outfit is trading 163,000 barrels a day.
The Journal said that the founder of Paramount is working to avoid European sanctions. He has previously done business with Gennady Timchenko, who was a tennis partner of Putin.
All of those transactions were stopped immediately when sanctions were imposed.
Russia is raking in billions in oil revenue, but is running out of buyers. The country could deal with its unwanted oil in a number of ways.
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