EU sanctions: Russian oil exports collapse

Zurich, Berlin The sanctions of the G7 industrialized countries are putting increasing pressure on Russian oil exports. According to data from the financial service Bloomberg and the think tank Bruegel, the volume of oil exports has fallen by 54 percent to about 1.6 million barrels a day since the introduction of an embargo on Russian crude oil. On December 5, an EU embargo on Russian oil shipments by sea and a price cap came into effect.

The data suggests that Russia is finding it increasingly difficult to divert crude oil originally destined for Europe to Asia. A month ago, European ports were still receiving 1.43 million barrels of Russian oil per day. In mid-December it was still 450,000 barrels per day – and the trend is falling.