Russia exported an average of 70,000 barrels of oil a day so far in 2024, 2% lower than the daily average in 2023.bugto/Getty ImagesRussia's seaborne oil exports have declined since October. Sanctions have tightened on Russia's oil business, with more restrictions on seaborne trade. Russia's oil revenue, a crucial component of its war budget, dropped 24% in 2023.Russia's seaborne oil exports — a key part of the nation's oil trade — have taken a hit in recent months, as Western sanctions on one of Moscow's most important sources of revenue continue to tighten.