Russia’s fuel exports plunge to lowest since 2022 - Bloomberg
Russian oil export has plummeted due to sanctions and drone attacks (Photo: REUTERS/Dado Ruvic/Illustration)
Russian fuel exports have fallen sharply due to refinery "outages" and new U.S. sanctions, Bloomberg reported on Oct. 30.
"Seaborne deliveries of petroleum products averaged 1.89 million barrels per day for the first 26 days of October — the lowest level at least since early 2022," the publication wrote, citing data from Vortexa Ltd.
Although diesel exports rose slightly, overall shipments fell because exports of crude oil and fuel oil declined, especially from Baltic ports after attacks on the export hub at Ust-Luga. Poor weather that disrupted port operations also contributed, the outlet said.
The drop is another blow to Moscow’s attempts to preserve steady energy revenues, as Ukrainian drone strikes on Russia’s energy infrastructure and the new sanctions are hampering oil financing and transport, Bloomberg added.
Recent measures targeting Rosneft and Lukoil have introduced further uncertainty, forcing traders to seek workarounds for payments and to adjust delivery schedules ahead of the US sanctions deadline on Nov. 21.
So far diesel exports remain relatively stable because most shipments are bound for Turkiye and African countries and can still be delivered before the sanctions take full effect. By contrast, crude and fuel-oil shipments are more vulnerable: long routes to Asia increase the risk of delays for sanctioned cargoes, Bloomberg noted.
On Oct. 22, the United States applied new sanctions on Russia for the first time under President Donald Trump’s second administration. The Office of Foreign Assets Control (OFAC) announced the measures, citing “Russia’s lack of serious commitment to a peace process to end the war in Ukraine.”
The sanctions specifically targeted Rosneft and Lukoil.
U.S. Treasury Secretary Scott Bessent said the move signals to the Kremlin that “it is time to stop the killing and cease fire immediately.”
President Donald Trump said he is confident the sanctions will influence the peace process.
Meanwhile, the Kremlin’s dictator Vladimir Putin sought to reassure the Russian public after the U.S. sanctions, saying the country’s energy sector “feels confident,” though some “losses” are unavoidable.
On Oct. 24, it became known that shares of Rosneft and Lukoil plunged on the Moscow Exchange after the U.S. sanctions. Experts noted that over Oct. 23–24 the combined market capitalization of the two firms fell by 424 billion rubles — about $5.2 billion.
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