Russian crude exports fall to lowest since early 2022, hitting Putin’s coffers

6 January, 21:19

A large oil tanker sits offshore near an industrial port. Photo: Getty Images

Russia's crude oil exports have slumped in the final weeks of 2025 and the opening days of the new year.

Details: A 14th straight decline in prices, combined with the lower volumes, pushed the value of shipments to its lowest level since the full-scale invasion of Ukraine in February 2022.

Russia shipped 3.43 million barrels a day over the 4 weeks to 4 January, which is about 440,000 fewer than in the comparable period to 21 December 2025.

Over the 4 weeks to 4 January 2026, the gross value of Russia's oil exports fell to US$960 million a week, down 10% from the period to 28 December 2025.

Export prices for Russia's Urals crude from the Baltic Sea and Black Sea slipped by about US$1.10 a barrel over the period to US$36.69 and US$34.82 respectively.

Bloomberg reported that Russian crude prices fell faster than global benchmark grades after US sanctions in October targeted Russia's 2 biggest exporters, Rosneft and Lukoil.

Background: It was reported earlier that Moscow's plans to turn the Northern Sea Route into a fully fledged transport artery are being held back by basic infrastructure shortcomings.

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