Russian fuel exports fell by 10% between February 1 and 12

Russia’s seaborne oil product exports fell about 10 percent between February 1 and 12 compared to the same period in January, traders said, as a result of EU sanctions, a lack of available tankers and storm closures of ports, the Refinitiv data showed.

The European Union imposed a price ceiling and a complete ban on Russian oil products from the fifth of February, but it excluded Russian fuel mixed with a product from another country from the price ceiling.

Russian Deputy Prime Minister Alexander Novak said last week that the EU’s exemptions from price ceilings prove there is a demand for Russian fuel.

Refinitiv data included that the fuel loading rates in the ports of Primorsk and Ust-Luga on the Baltic Sea went according to plan from the first to the twelfth of February, while some decline appeared in the ports of St. Petersburg and Vysotsk.