Russian Oil Exports Plunge as Drone Strikes Cripple Baltic Ports
Bloomberg.com • • world
Key Points:
- Drone strikes on key Russian ports Primorsk and Ust-Luga have caused oil flows to drop to their lowest levels in over a year, significantly impacting Russia's export capacity.
- The attacks resulted in storage tanks catching fire and loading activities being halted for much of the previous week, reducing oil shipments through these ports to about one-third of their prior volume.
- Baltic oil shipments from Russia fell to their lowest since the 2022 invasion of Ukraine, severely denting the Kremlin's revenue from oil exports by more than $1 billion.
- These disruptions are expected to weaken funding for Russia's military operations amid ongoing conflict in Ukraine.
