New Delhi, Dec. 12 -- Russian oil exports in November saw a steep decline as buyers displayed increasing caution over the risks related to more strict US sanctions, according to the latest report by the International Energy Agency (IEA).

Russian oil exports last month by 420 kb/d (thousand barrels per day), the agency highlighted in its report.

This resulted in a loss for Moscow, as lower Russian oil exports dragged the oil revenue down to $11 billion, a $3.6 billion lower revenue as compared to last year.

"Russia's total oil exports fell by roughly 400 kb/d in November to 6.9 mb/d, as buyers assessed the implications and risks associated with more stringent sanctions," the IEA said in the report.

Urals crude prices have also undergon...