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There is now clear data to show that sanctions are hurting Russian seaborne exports of crude.

As of a month ago, the number of ballast vessels which last lifted Russian crude grades – excluding CPC blend and KEBCO – began increasing significantly, new analysis from Vortexa shows.

Ballast vessels have now surpassed laden vessels for the first time in three months (see chart below), pointing to less utilisation of the Russian fleet.

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