Western sanctions aimed at crippling Russia’s oil exports have had a mixed impact. While Russia is selling less oil and for lower prices overall, a growing network of shippers is helping them find new buyers and earn more revenue than initially anticipated. This network, known as the shadow fleet, is allowing Russia to sell its oil to countries like India for a higher price, despite the $60 per barrel price cap imposed by the West.
Russia oil exports
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Since the European Union imposed sanctions on Russia’s energy exports in 2022, following its invasion of Ukraine, Moscow has been looking for new markets to sell its oil. And it…