Russia’s oil exports hit a wartime record—its income didn’t

More tankers are sailing from Russian ports than ever before, but the cargo they carry is worth less. Russia shipped a record volume of crude oil in recent weeks, yet its revenue from those sales declined. The reason is a sharp drop in global oil prices, compounded by Western price caps and sanctions that force Russia to sell at a discount. While Moscow moves more barrels, each barrel brings in fewer dollars, squeezing the Kremlin’s wartime budget.