This is reported by The Wall Street Journal with reference to data from the analytical company Kpler.

Analysts attribute this decrease to the introduction of a ban on sea deliveries of Russian oil to EU countries and a price ceiling of $60 per barrel for oil from Russia transported by sea.

It was agreed by the European Union, G7 countries and Australia.

Those measures left a small number of buyers of Russian oil, including India, China, Turkey and Bulgaria, which are exempt from EU sanctions, said Kpler analyst

Matt Smith

.

According to him, the reduction in exports can also be related to the winter weather, which affects the loading of oil, as well as a decrease in demand in China against the background of coronavirus restrictions.

The purpose of the price ceiling was to keep Russian oil on the market to avoid price spikes on the world market, while at the same time reducing Moscow's revenues while Russia is waging a full-scale war against Ukraine.

In response, Russia declared that it would not comply with this limit, even if it had to reduce production.

However, Moscow had to look for alternative sales markets, mainly in Asia, for about 1 million barrels per day.

According to the Reuters agency, in December, Russia sold Urals oil to India much below the limit price of $60.

On December 27, Russian President

Vladimir Putin

banned the supply of Russian oil and oil products to foreign companies if they use the limit prices set by the USA and the European Union.

This decision will be effective from February 1 to July 1, 2023.

At the same time, as specified in the decree, Putin can make a "special decision" regarding companies and individuals who have made a request to buy Russian oil and oil products.

Economic expert

Ihar Lipsits said

in an interview with "Nastoyaschemu vremnia" that he would amend this "decree is an absolute dummy": "Approximately the same dummy as the decree regarding the sale of gas for rubles only."