russia is loading oil onto tankers for sale following the easing of US sanctions

This is according to Bloomberg.

russia is benefiting from a double effect: rising prices for global benchmark grades, which have also pushed up prices for russian exports, and the extension and expansion of the US tariff exemption, which allows all buyers to purchase russian oil loaded before 12 March.

Further easing of sanctions is also possible if Middle Eastern oil flows through the Strait of Hormuz do not resume in the near future.

The surge in purchases helped push prices for a key russian export blend destined for India to record levels, providing unexpected revenue for the Kremlin’s military budget for the war against Ukraine.

The combined rise in prices and volumes delivered the biggest weekly jump in revenue since Moscow’s invasion of Ukraine.

The rise in prices was also amplified by increased flows last week, which followed the resumption of shipments from the Sheshkharis oil terminal in Novorossiysk on the Black Sea after a Ukrainian drone attack on the night of 1–2 March.

According to the latest data, russia’s seaborne exports averaged 3.44 million barrels per day in the four weeks to 15 March, according to vessel tracking data compiled by Bloomberg.

This is approximately 90,000 barrels per day more than in the period up to 8 March, but still around 400,000 barrels per day below the pre-pandemic peak before Christmas.

Source: Ekonomichna Pravda, Bloomberg