Russian Oil Exports Exceed Pre-Invasion Levels Despite Revenue Drop

According to the latest report by the Finnish think tank, published on Tuesday, Russian crude oil exports still exceed pre-invasion levels. In the fourth year of the war, the export volume of the commodity remains 6% above the level from early 2022, despite a recorded drop last year. After the invasion of Ukraine began in February 2022, Western states imposed a series of sanctions on the Russian energy sector, including an embargo on seaborne oil imports and a price cap for oil transported by tankers. The goal of these restrictions was to deprive the Kremlin of its main source of revenue funding the war. At the same time, analysts note a paradoxical situation. Although the quantity of oil sold has increased, Russian state revenues from it have dramatically fallen. According to data cited by BFMTV, last year these revenues decreased by 18% compared to the pre-war period. This decline is the effect of having to sell the commodity at significantly reduced prices to find buyers under sanctions. Russia is forced to "brader son or noir" (sell its black gold at a discount), as the French broadcaster put it. „Despite a drop last year, Russia is still exporting more crude oil than before its invasion of Ukraine in 2022.” — Report by the Finnish think tank Experts indicate that maintaining a high level of exports is possible due to loopholes in the sanction system. A key role is played by the so-called dark fleet of tankers with unclear ownership, which allows for the transport of Russian oil to buyers in Asia and other regions. The report's authors unequivocally call for stricter controls and enforcement of the imposed restrictions, arguing that the current mechanisms are insufficient. It can be expected that the topic of the effectiveness of energy sanctions will be one of the key discussion points during upcoming summits of Western leaders.

Perspektywy mediów: Liberal media emphasize the ineffectiveness of existing sanctions and call for their tightening, pointing to a lucrative source of funding for the Russian war machine. Conservative media may question the sense of further tightening sanctions, arguing that they harm Western economies, and Russia finds ways to circumvent them anyway.