Russian seaborne crude exports at record high despite #sanctions

World News 🌐⚡️
@ferozwala
Russian seaborne crude exports at record high despite #sanctions

In the week leading to April 14, the volume of Russian seaborne crude exports soared to its highest level in 11 months, according to Bloomberg News.

A total of 36 tankers loaded 27.6 million barrels of Russian crude in the week to April 14, an increase of 3.9 million barrels from the previous week, and the highest weekly total since May 2023.

The increased volume and higher Urals crude prices boosted Moscow’s oil earnings as the gross value of crude exports rose from $1.82 billion the previous week to $2.15 billion in the week to April. The four-week average income posted an increase of $170 million to $1.92 billion per week.

The telling figures fly in the face of the Biden administration’s claims that sanctions against Russia – particularly those over crude exports – are working.