A new edition of the Economic Bulletin of the European Central Bank (ECB) analyzes changes in trade supplies from Russia since the start of the Russian military operation in Ukraine. Energy and agri-food flows are tracked by ECB analysts using data on shipping and gas supplies, imports to Russia are summarized based on statistics from its main trading partners. According to the ECB, the volume of Russian oil exports by sea in early July actually recovered to levels observed prior to the start of the conflict. This happened against the backdrop of historically high discounts on Russian oil (the discount for Urals to Brent is 30%) and a partial redirection of supplies to major Asian countries. The share of Russia in the volume of oil imports by sea by China and India at the end of June increased to 11% and 14%, respectively, compared with 6% and 2%, which were before the outbreak of hostilities. Deliveries to the US and the UK were reset to zero. The export of Russian gas to the EU has declined significantly… .