Russia’s Oil Exports Are Plunging Even Without Sanctions

Russia's invasion of Ukraine has triggered severe economic sanctions, particularly on its financial sector. Last week, Western leaders slapped a raft of fresh sanctions on Russia, including the exclusion of Russia's largest financial institutions from global financial systems; imposing an asset freeze against all major Russian banks, canceling all export permits with Russia, and prohibiting all major Russian companies from raising financing within their territories, among other measures. The leaders have, however, refrained from sanctioning Russia's…