Russia Eases Safety Rules to Maintain Oil Exports Despite Storms, Risking Spills
• Russia has reportedly eased restrictions at ports to allow oil exports to continue during storms in order to maintain revenues. This poses technical and environmental risks.
• Traders said restrictions have been eased, with loadings continuing even in 3-meter high waves. Ice class restrictions at Baltic ports have also been eased due to a tanker shortage.
• 10 million barrels of Russian crude were recently stranded off South Korea due to US sanctions on tankers and companies transporting Sakhalin-1 oil.
• The US continues attempts to restrict Moscow's oil revenues through sanctions and a G7 price cap, but Russia still saw estimated 2022 oil revenues of $178 billion.
• Sanctions and the price cap have reportedly cost Moscow's budget $37 billion in lost oil export revenues so far.