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Four years into war, Russia's energy revenues drop but oil keeps flowing
Russia's oil export volumes are 6% above pre-invasion levels due to redirected sales and a shadow fleet while revenues fell 18% to €85.5 billion amid Western sanctions.
- On February 24, 2026, the Centre for Research on Energy and Clean Air reported Russia's energy export revenues fell 27% to 193 billion euros in the year ended February 24, 2026.
- Faced with restrictions, Moscow began redirecting most seaborne crude to China, India and Turkey, relying on a shadow fleet of ageing tankers to evade Western countries' sanctions.
- Crude receipts fell 18% to €85.5 billion, while Russia's crude export volumes stayed 6% above pre-invasion levels at 215 million tonnes.
- The European Union is discussing a sweeping ban on businesses supporting Russian seaborne crude exports, but Hungary vetoed sanctions on Monday, Levi said, `We propose a ban of imports from any refinery or storage terminal that has received a shipment of Russian oil in the previous six months`.
- Tougher restrictions this year could hit Russian fuel exports harder, U.S. President Donald Trump tied an India trade deal to diversifying from Russian crude, and the EU lists 598 vessels risking European and UK coastlines.
57 Articles
57 Articles
Russian fossil-fuel revenue plunges as ‘shadow fleet’ oil increases, report finds
Four years since the invasion of Ukraine, a new report finds Russia's fossil-fuel revenue is down nearly a quarter since 2022, with the EU reducing its reliance on Russian energy — but the Kremlin is still finding ways to move its fuel.
Russian crude oil exports have exceeded the level before Ukraine's invasion, a Finnish report shows, despite the sanctions imposed by the West. China, India and Turkey are absorbed almost entirely by the Russian currency delivered on foreign markets.
Less money for Moscow's war fund: Russia's revenues from oil and gas exports have fallen by 19 percent within one year. According to researchers, EU and US sanctions have an impact. By Angela Göpfert.
Russia exports more crude oil than before exporting Ukraine in 2022, in the face of a fall last year, shows a report of a Finnish reflection group published in March, AFP reports.
Russia exported more oil last year than it did before the Ukraine war, despite Western sanctions, a study shows. But Moscow's revenue from these exports has fallen, according to a report published Tuesday by the Finnish think tank CREA. 93 percent of Russian oil is exported to China, India and Turkey.
Despite a decline in 2025, Russian crude exports remain 6% higher than pre-war levels, despite Western sanctions against the "phantom fleet", according to the Centre for Energy and Clean Air Research (CREA).
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