A key part of Russia's oil trade has taken a hit in recent months as seaborne shipments dip

• Russia's seaborne oil exports have declined since October.
• Sanctions have tightened on Russia's oil business, with more restrictions on seaborne trade.
• Russia's oil revenue, a crucial component of its war budget, dropped 24% in 2023.

Russia's seaborne oil exports — a key part of the nation's oil trade — have taken a hit in recent months, as Western sanctions on one of Moscow's most important sources of revenue continue to tighten.

Bloomberg data shows that Russia shipped 3.06 million barrels of oil a day by sea in the four weeks leading up to December 15. That's down around 13% from a peak four-week average in October, when it shipped 3.46 million barrels of crude a day.

The nation's oil exports have also declined compared to 2023. Moscow exported an average of 70,000 barrels of crude a day so far this year, 2% lower than the 2023 average, Bloomberg reported.

The decline is partly driven by maintenance at one of Russia's key export hubs, and partly by sanctions, with Western nations stepping up the pressure on Russia's oil business in recent months.

On Monday, the European Union added 42 Russian oil ships to its blacklist, making it harder for Russia to sell its crude to the continent.

The US is also reportedly weighing stricter sanctions on Russian oil flows, Bloomberg reported last week.

Declining crude prices have also been a drag on the country's revenues. The gross value of Russian crude shipments in the week ending December 15 dropped to around $1.36 billion, down $70 million from the prior week, Bloomberg added.

Oil export prices in Baltic ports also dropped $0.60 from the last week, Argus Media data shows.

Russia's oil revenue has slipped since it was first hit with restrictions in 2022, which included a $60 price cap and a ban by the EU on Russian oil products.

According to Bloomberg calculations, the nation's oil revenue fell 21% year over year in November. The decline is similar to that recorded in 2023, when Moscow's oil revenue was estimated to fall 24%.

Russia, which is part of the OPEC+, is facing pressure to lower crude production through the end of the year as part of the cartel's bid to support oil prices. Russia volunteered to slash its production by nearly a million barrels a day in 2024, according to the US Energy Information Administration.

Earlier this year, Putin said that while he supported OPEC's move to reduce output, he was concerned that other producers, such as the US, would capture market share from the group.