According to Reuters, the total volume of Russian exports decreased by 28.3% to $425.1B. The most noticeable drop was in European supplies, which was by 68% to $84.9B. On the other hand, exports to Asia increased by 5.6% to $306.6B. This region’s share of Russian exports has increased significantly – from 49% in 2022 to 72% in 2023.
Meanwhile, according to Bloomberg, a large part of Russia’s massive fleet of tankers it uses to deliver oil is grounded under the pressure of US sanctions. This indicates that stricter measures by Western regulators may begin to have a tangible impact on Moscow. So, out of 50 tankers sanctioned since October 10, 21 have yet to load cargo. This led to a sharp increase in the cost of freight and a decrease in Russian oil prices.