Assessing the Impact of International Sanctions on Russian Oil Exports
We use a unique high-frequency Russian customs data to evaluate the impact of international sanctions on Russia. We focus on Russian crude oil and oil products exports, as they are the key sources of export revenues and government finances. We find that Russia was able to redirect crude oil exports from Europe to alternative markets such as India, China, and Turkey with no loss of volumes. In particular, we find that Russian oil exports from Pacific Ocean ports, which are critical for trade with China, do not comply with the G7 price cap.