In this exclusive report we examine Russia's declining seaborne crude exports amid operational difficulties, resilient crude exports to major buyers like India and China, and ongoing challenges for refined products.

Key highlights:

• Russian seaborne crude exports declined y-o-y for most of 2025.

• Besides short-term hiccups, exports keep flowing at a declining rate.

• Indian and Chinese interest in Russian crude will remain strong irrespective of existing and upcoming sanction rounds.

• Russian oil products are set to remain challenged by operational difficulties, as Ukrainian drone strikes continue to cause damage.

Published: September 2025