Russia's seaborne oil shipments to Europe have plunged 60% since the war in Ukraine began

Since the invasion of Ukraine, Russian seaborne crude oil shipments to Europe have fallen by 60 percent.

During the four week period ending October 7, crude shipments from Russia to Europe averaged 630,000 barrels per day. barrels sent to Asia increased for the fourth week in a row.

The European market will be completely wiped out by the EU's new sanctions in eight weeks. Russian crude oil will be banned from being transported on EU tanker ships. It will take ten times as long to bring crude to India because of the sanctions.

The move will make it difficult for Russia to move crude to other buyers and threatens a key source of revenue for Moscow. A key provision championed by the US has been added to the European sanctions. Russian crude oil can be transported on EU tanker if the barrels are priced below a ceiling.

Russia is refusing to sell oil to nations that are part of the price cap. China, India and Turkey will likely have more leverage over future purchases if the price cap is put in place.