Russian oil exports shrank by 22% in December

Since the EU imposed oil sanctions on Russian oil shipments by sea, their volume has decreased by 22%. Thus, the indicator fell to 2.5 barrels per day, based on the data from Kpler. 

Experts believe that this drop is due to the embargo imposed by European countries, and a price cap on Russian crude oil. The EU and G7 countries, along with Australia, have already introduced limitations on fuel coming from Russia. The drop may also take place amid adverse weather conditions in the region and reduced demand from China given the anti-COVID measures. 

EU sanctions on Russian oil entered into force on December 5, 2022. This week, Russian officials announced retaliatory measures, prohibiting oil producers from selling fuel under contracts that directly or indirectly contain a "price cap mechanism". The ban will take effect in the first half of February 2023. Meanwhile, a price threshold for petroleum products from Russia is also going to be introduced, along with the embargo by the European states taking force.