MOSCOW (Sputnik) — In January, the European Union, the United Nations, and partially the United States lifted their sanctions against the Islamic republic after the International Atomic Energy Agency verified Tehran’s compliance with a nuclear agreement reached last July. The lifting of sanctions allowed Iranian oil producers to re-enter the global market.
"Prospects for Russian energy supplies to the key markets are unfavorable. Once the Iran sanctions were removed at the beginning of this year, its supply of crude oil to China has increased from 410,000 barrels per day in January to 675,000 barrels per day in April 2016," the report reads.
The bank stressed that at the same time Russia managed to boost its oil supplies enhancing its position on the Chinese and the European markets.