- Russian crude flows to Asia have declined 12% from the daily 2.1 million barrels in April and May, per Bloomberg.
- But the dip in exports has not impacted the Kremlin's revenues, since expensive crude is bolstering its war chest still.
- Four-week average export duty receipts have climbed higher for Moscow.
Russia's crude exports to Asia have hit about 1.75 million barrels a day as war drags on in Ukraine. That's about 12% lower than the 2.1 million barrels a day Moscow was sending in April and May, Bloomberg data shows.
Shipments to China in particular averaged 745,000 barrels a day over the last four weeks, down from 810,000 barrels a day in the four weeks ending July 22.
India took in about 740,000 barrels a day over the recent one-month stretch, down from about 828,000 barrels a day, per Bloomberg.
But the dip in exports has not yet impacted the Kremlin's revenue figures thanks to crude prices that have been driven higher by the war.
According to Bloomberg, Russia's export duty rates are on the rise this month, and the four-week average duty receipts has climbed to its highest mark in two months. For the four-week period ending July 29, revenue from export duty for the Kremlin is up by $25 million to $180 million, about a 16% jump.
Meanwhile, the Financial Times reported that Western governments are dialing back some of its moves against Russia in light of mounting economic concerns such as inflation and high energy prices. The European Union has moved to ease some of its sanctions on Russian oil trading, while the UK is holding off on banning shipping insurance.
Notably, the US is still pushing for a price cap on Russian oil, and the White House has been leading efforts for an international agreement.