Key report takeaways:

• Tankers newly sanctioned by OFAC had loaded a record-high share of Russian crude exports in December. Sanctions targeted the most active vessels in Russia Far East

• Vessels lost to OFAC sanctions mean Russia will have to engage with the price cap mechanism to keep exports steady

• Previous rounds of OFAC sanctions have effectively halted further Russian employment. Replacement of the newly-sanctioned fleet is possible with a combination of non-Western new entrants and Greek operators lifting crude below the cap