Strikes on Russian Oil Ports Cost the Kremlin Over $1 Billion in a Week
Strikes on Ust-Luga and Primorsk deprived the Kremlin of more than $1 billion in oil export revenues in just one week. Supply volumes via the Baltic Sea fell to their lowest level since the beginning of the full-scale war in Ukraine.
According to Bloomberg, a series of Ukrainian drone attacks on key Russian oil ports led to a sharp reduction in exports from the Baltic region — to around one-third of the previous week’s levels.
Between 23 and 29 March, 22 tankers transported 16.23 million barrels of Russian oil, compared to 28.5 million barrels on 37 vessels a week earlier. Average daily shipments decreased by 1.75 million barrels, reaching 2.32 million barrels per day — the lowest level in the past two months.
Despite the drop in volumes, on a weekly basis Russia’s export revenues rose to $1.79 billion per week — the highest level since May 2024. This is explained by rising global oil prices amid geopolitical tensions in the Middle East.
In particular, the price of Urals from Baltic ports rose to $73.24 per barrel, ESPO to $84.19, while supplies to India increased to nearly $97.69 per barrel.
The Ukrainian attacks occurred at a time when Russia had begun to receive additional profits due to rising global oil prices. According to the Financial Times, this brings the Kremlin around $150 million in additional revenue per day.
At the same time, Ukraine continues strikes on Russian oil infrastructure despite fluctuations in global markets due to the situation in the Strait of Hormuz. According to Reuters, following these attacks Russia temporarily lost at least 40% of its oil export capacity.
It should be recalled that drones once again attacked the port of Ust-Luga in Russia’s Leningrad region.
It should also be recalled that in occupied Alchevsk, drones attacked a metallurgical plant.
Drones also attacked industrial facilities in the Samara region and Yaroslavl.
