Sanctions aimed at squeezing Moscow’s revenues have instead helped drive up prices, making Russian crude more valuable
Nearly four years after Western governments set out to squeeze Russia’s oil revenues, Moscow is shipping crude worth more per week than at any point since the escalation of the Ukraine conflict in 2022.
The gross value of Russia’s seaborne crude exports surged to $2.75 billion in the week through September 27, the highest weekly figure in four years, according to tanker-tracking data compiled by Bloomberg. Shipments averaged 3.71 million barrels per day over the latest four weeks, their highest since early August.
The rebound exposes a central problem with the Western strategy...
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