The European embargo is already reducing Russian oil exports

According to Bloomberg’s analysis, marine exports of Ural crude oil have fallen to a five-week low. Flows to China, India and Turkey fell by 330,000 barrels per day. The risk is a shock to the offer, which is why the US prefers the price cap

In six weeks, EU sanctions on Russian crude oil (including petroleum products) transported by sea come into force in February, a decision that will block 90 per cent of European imports of oil from Russia. From 5 December, European operators will be banned from securing and financing the transport of oil to third countries, making it difficult for Russia to export large quantities of oil, as European and British companies are the most important global suppliers of these services. The bad news for Moscow is that Asian countries that have kept export volumes of Russian crude high – Turkey, China and India – are also decreasing purchases. while waiting to understand the consequences of the sanctions on Russia’s ability to get Ural crude oil to its destination, a caution that is already having an impact on Russia’s exports and earnings.