By Kyiv School of Economics In May 2024, Russian oil export revenues dropped to $16.8bn, despite higher export volumes, according to the KSE Institute’s June ‘Russian Oil Tracker.’ Increased export volumes and the active use of the shadow fleet did not compensate for the lower oil prices. Russian seaborne oil exports increased by 4%, driven by a 17% MoMw rise in oil products exports after refineries have been restored from Ukrainian drone attacks in January-April. Only 12% of crude and 62% of oil products were shipped with IG P&I insurance. In May 2024, IG-insured tankers shipped no crude from…