Russian crude exports to the EU are still 1.6 million barrels per day, down by a third from their 2.4 million b/d level before the war in Ukraine, but they are poised to plummet by at least about 1.2 million b/d once the ban comes into efect on Dec. 5. A handful of Central and southeast European companies will soak up the remainder under an exemption granted by the EU. Russia will have to ship these volumes to new markets without using shipping assets linked to G7/EU insurance or fnance. And for now it is unclear how much capacity will be available.
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