export sanctions

"And our tough new measures will also degrade Russia's military machine - new export sanctions mean Putin will no longer be able to get his hands on specialist technology used to produce weaponry for his illegal war."

For the majority of 2022, no export sanctions were in place, allowing Moscow to earn $383.7 billion in hydrocarbon exports last year, an absolute record for the 27 years of historical data, according to the statistics released by Russia’s Federal Customs Service this week.

Deals shown to be outside the price cap would effectively break sanctions, and other vessels that have at some point been involved in circumventing oil export sanctions on Venezuela and Iran may well play a part in that trade, analysts say.

The zero-COVID policy comes amid a broader decoupling from the West in the aerospace industry as China aims for increased self-reliance and watches the effects of strict export sanctions placed on Russia’s aviation industry because of that country’s invasion of Ukraine.

Russian output has fallen by more than 1 million barrels per day due to export sanctions that complicate sales and import sanctions that hurt production, according to Rory Johnston, an analyst at Commodity Context.