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Russia has 80% of maritime exports of oil, oil products: expert urges to block tankers

21 June, 2024 Friday
20:20

Andrii Klymenko, project manager at the Institute for Black Sea Strategic Studies, explains that 80% of Russia's total exports are oil and oil products

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He shared the information on Espreso TV. 

In response to British Foreign Secretary David Cameron's statement on the need to block tankers involved in the illegal transportation of Russian oil, Klymenko said: "It is encouraging that such a respected international politician has raised what we consider to be a critical security issue. What does this mean? For many years, Russia has relied heavily on energy exports to generate its export revenues."

According to him, Ukraine has historically focused more on Russian gas than on oil.

"Gas accounted for only about 20% of Russia's energy export revenues, with 80% coming from marine oil and oil products, and an additional 10% from coal. This situation persists today. The Baltic Sea holds approximately 12 million tons of Russian crude oil and another 4 million tons of oil products. In the Black Sea, there are around 4 million tons of Russian oil and 3.5 million tons of oil products. When you combine these figures and convert them into barrels by multiplying by 7.3, and then by $70-80, Russia earns up to $15 billion per month from these exports," explained the project manager at the Institute for Black Sea Strategic Studies.

Klymenko emphasized that as long as these exports continue, Russian dictator Vladimir Putin will have funds to purchase chips, optical devices, and other equipment abroad to manufacture missiles used in attacks against Ukraine.

  • India's imports of Russian oil surged to a 10-month high in May as low capacity at damaged Russian refineries due to Ukrainian drone strikes forced them to export more Russian oil.
  • After drone attacks on Russian refineries, the country's diesel exports continue to fall, with a drop of about a quarter.
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