Russian Crude Is Slowly Being Squeezed Out of Europe
Shipments are little more than half of their pre-invasion level
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Russia’s seaborne crude exports to Europe are being compressed, with the bloc’s sanctions only about two months away. Shipments in recent weeks have been little more than half pre-invasion levels and will come under increasing pressure as the import ban nears.
Customers in northern Europe in particular have slashed their imports, which are now running below 300,000 barrels a day. That’s about a quarter of the volume that was traded into the region before Moscow sent its forces to Ukraine in late February, crimping the Kremlin’s revenues.