Moscow Rushes to Reap Reward of Oil Price Surge, Sanctions Pause
Shipments surged by the most in more than a year as crude flooded out of Russia’s Pacific and Arctic ports
Russia shipped 3.44 million barrels a day of crude in the four weeks to March 15, 2026.
Photographer: Carsten Snejbjerg/BloombergMoscow rushed to load crude onto tankers to take advantage of soaring oil prices triggered by Iran’s effective closure of the Strait of Hormuz, and a US tariff waiver that permits buyers to purchase those barrels without fear of sanctions.
Russia is benefiting from the double win of soaring prices for global benchmarks, which also lifted Russian export prices, and the additional benefit of an extension and widening of a US tariff waiver that allows all buyers to purchase Russian crude loaded before March 12. Further sanctions easing could follow, if flows of Middle Eastern crude through the Strait of Hormuz don’t resume soon.