Impending EU sanctions could badly hit Russia’s oil revenues

Abstract

Russia’s oil exports have decreased only marginally in volume since it began the war in Ukraine. The International Energy Agency (IEA) estimates that the export volume of Russian crude oil and oil products in October was only 4% down on the pre-war level. While the export volume to countries of the European Union has fallen somewhat, Russia has found new markets in India, China and Türkiye. Its revenue from oil exports has also been boosted by high oil prices, despite having to sell at a discount in relation to other oil grades.