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Russia Loses 60% of Its Seaborne Crude Market in Europe

Cargoes are forced on longer voyages as European market dwindles

Long voyages for Russian crude

Long voyages for Russian crude

Photographer: Chris Ratcliffe

Russia has lost three-fifths of its seaborne crude sales in Europe since Moscow sent troops into Ukraine in February. That market is going to vanish almost completely eight weeks from now and the latest sanctions will make it very difficult to divert flows elsewhere.

Crude shipments to Europe averaged 630,000 barrels a day in the four weeks to Oct. 7, down from 1.62 million before the invasion. Tankers carrying Russia’s oil are now forced to spend four times as long making each delivery to India as they would previously have done shipping a cargo to the Netherlands, or 10 times as long as it would have taken to get to Gdansk in Poland.