Russia's seaborne exports of petroleum products declined by 9.1% to 113.7 million metric tons in 2024, reflecting mounting challenges to its fossil fuel industry, Reuters reported on Jan. 17. Ukraine has targeted Russia's fossil fuel infrastructure as part of its strategy to undermine a key funding source for Russia's war effort.

Sweeping U.S. sanctions on Russia's oil industry will make it more expensive for Moscow to sell its oil and complicate sea-borne crude exports due to restrictions on tankers, analysts and traders said on Monday.

An oil tanker sanctioned in Washington’s harshest round of curbs against Russia’s energy industry has become the first such vessel to dock at the Russian port of Kozmino, where it’s loading a cargo of crude.

The Group of Seven democracies have sought to crimp Russia’s oil export earnings that help fund the war against Ukraine.

Energy producers have rushed to lock in oil prices since the United States announced its harshest sanctions yet on Russian energy trade on Friday, which sent oil prices surging to multi-month highs, market participants said.

At least 65 oil tankers have anchored in various locations around the world, including off the coasts of China and Russia, since the US announced a new package of sanctions on January 10, Reuters reports.

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new U.S. sanctions on Russian oil exports to key buyers India and China.

At least 65 Russian oil tankers have been forced to anchor and suspend shipments following the imposition of the toughest U.S. sanctions yet on Russia’s oil and gas sector. The sanctions were announced on January 10,