Russia’s fossil fuel export revenues fell to their lowest levels since the start of the full-scale invasion of Ukraine. In a recent analysis published by the Centre for Research on Energy and Clean Air (CREA), experts examined how sanctions, market shifts, and global demand continue to reshape Russia’s energy trade. The January 2026 monthly report highlights both declining revenues and persistent gaps in the sanctions framework.
Petras Katinas, energy analyst and co-author of the report, provided key insight into these developments. Katinas explained that while sanctions have reduced Russia’s fossil fuel earnings overall, loopholes still allow the country to maintain significant export flows. The analysis points to the growing use of “shadow fleet” tankers and intermediary companies, which help circumvent price caps and restrictions targeting Russian oil exports.
The report also outlines notable market trends. Russia’s daily fossil fuel export revenues declined by 3% month-on-month in January 2026, reaching approximately €464 million per day — the lowest level recorded since the invasion began. However, some trade patterns shifted. China remained the largest buyer of Russian fossil fuels, while the European Union continued to import significant volumes of Russian liquefied natural gas. The study also observed a sharp increase in France’s imports of Russian LNG during the same period. These developments highlight how global energy demand and uneven sanctions enforcement continue to influence Russia’s export strategy.
To explore the full analysis and Petras Katinas’s insights on Russian fossil fuel exports and sanctions, read the complete report from the Centre for Research on Energy and Clean Air.
Further Reading: Sanctions, Energy, and Russia’s War Economy
Energy exports remain the backbone of Russia’s economy and a key instrument of geopolitical leverage. Sanctions targeting this sector aim to reduce state revenues and limit Moscow’s influence abroad.
Visit the Sanctions Portal Evidence Base to access the latest research on energy-related sanctions against Russia.
Review the Timeline of Western Sanctions and Russian Countermeasures to track how both sides have adapted since the start of Russia’s full-scale invasion of Ukraine.
