Russian Oil Exports Hit Three-Month Low as U.S. Sanctions Prompt Shipping Adjustments

Seaborne oil exports from Russia reached their lowest point in three months last week, as Moscow scrambled to adjust shipping routes following U.S. sanctions on key Russian energy firms, according to the business newspaper Kommersant, which cited market analysts.

The Center for Pricing Indices, a Russian agency specializing in export pricing, reported that maritime shipments averaged approximately 320,000 metric tons per day during the week from November 3 to November 9, marking the lowest figures since mid-July. Only 23 tankers are reported to have departed Russia in that week, compared to a usual count of 26 to 28.

This decline occurred less than two weeks after the U.S. imposed sanctions on major Russian oil companies Rosneft and Lukoil. Nonetheless, analysts from the agency believe the reduction in seaborne oil shipments is more indicative of a temporary disruption in supply chains rather than a significant drop in demand.

According to the Center for Pricing Indices, the U.S. sanctions enabled shipping companies to impose higher «risk premiums» for the transport of Russian oil, particularly on routes to Turkey, where compliance with regulations is enforced more stringently.

Freight rates rose by 3.7% week-on-week across most major shipping routes. Despite the increase in costs, analysts at the agency noted that the market is not experiencing a severe shortage of tankers, and there is adequate capacity to accommodate current export levels.

The rise in freight costs coincides with Russia’s increasing dependence on a so-called “shadow fleet” of tankers—independent carriers that are less affected by Western commercial and political pressures.

Notably, India’s imports of Russian crude have remained stable despite the disruption in shipping routes, with 3.6 million metric tons provided between October 27 and November 9, exceeding the average levels seen in September and October.

The Center for Pricing Indices anticipates that freight rates will continue to rise throughout November as trading resumes under the new logistics framework. Meanwhile, NEFT Research, a consulting firm, expects shipping expenses to close the month at levels 10-15% higher than they were prior to the U.S. sanctions.