Demand for Russian oil is gradually falling - Bloomberg

European buyers have almost halved imports of Russian oil since February. Deliveries to Northern Europe, which was one of the largest importers, fell fourfold to 300 thousand barrels per day.

Meanwhile, flows to Asia are also declining, with China, India and Turkey largely offsetting losses from exports to the EU. However, exports to the regions have fallen by about 460 thousand barrels from their peak values. The reason: falling demand in anticipation of a global recession.

Also companies in Europe will soon stop insuring Russian vessels carrying oil. This may also hit supplies and revenues, as well as reduce potential revenues to the Russian budget.