💰 Russia's oil exports plunge on EU price cap and latest round of sanctions

TL;DR

According to data from the analytics firm Kpler, Russia's seaborne oil shipments fell by 16%, or about half a million barrels per day on Tuesday this week.TankerTrackers.com, another analytics site, recorded an even steeper 50% drop in daily barrel shipments, largely due to a fall in shipments headed Russia's Black Sea and Baltic ports, which transfer oil to Europe, the Wall Street Journal reported.It's a promising sign that the latest round of sanctions have taken an toll on Moscow's war revenue, despite concerns from industry experts that western nations had no way to fully enforce a price cap mechanism, and the measure would fail to have a meaningful impact on energy pricing.But the price cap is giving Russia's Asian allies more bargaining power, allowing them to secure even heftier discounts, some analysts say.Russia's central bank warned that the price cap and the EU oil ban were "new economic shocks" that could batter economy activity in the coming months."

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