Who's Buying Russian Oil? UBS Has The Answer

What happened: UBS chief economist Arend Kapteyn published a note titled "Who Is Buying Russia's Oil?" tracking Russian oil exports, showing Moscow redirected crude and energy products east after Western sanctions and Ukrainian drone strikes. Key numbers: EU share of Russian crude exports fell Why it matters: Kapteyn said the most visible effect of restrictions was to redistribute global oil supply. Russia now imports refined products after strikes damaged its refining capacity, one factor keeping global gasoline prices elevated, while sanctions remain jurisdictional rather than global.

UBS chief economist Arend Kapteyn published a note titled "Who Is Buying Russia's Oil?" tracking Russian oil exports, showing Moscow redirected crude and energy products east after Western sanctions and Ukrainian drone strikes.

Kapteyn said the most visible effect of restrictions was to redistribute global oil supply. Russia now imports refined products after strikes damaged its refining capacity, one factor keeping global gasoline prices elevated, while sanctions remain jurisdictional rather than global.