Russia continues to earn billions from fossil fuel exports despite Western sanctions. In a recent Euronews article, analysts reviewed new data showing that Moscow’s income from oil, coal, and gas has declined since the start of the full-scale invasion of Ukraine. The report highlights how sanctions have reduced revenues but have not fully stopped Russia’s global energy trade.
According to the analysis cited in Euronews, Russia earned €193 billion from fossil fuel exports in the fourth year of the invasion, about 27% less than before the war. Petras Katinas, analyst at the Centre for Research on Energy and Clean Air (CREA), explained that the structure of Russian energy exports has shifted significantly. “In the fourth year of the full-scale invasion, Russia’s role in the European gas market has reversed,” Petras Katinas noted, pointing out that pipeline deliveries have largely stopped while liquefied natural gas (LNG) has become a key channel for exports to Europe.
The Euronews article also examined how Russia continues to maintain export volumes despite sanctions. According to the CREA report, Moscow relies on discounted oil sales and a growing “shadow fleet” of tankers to bypass restrictions. Meanwhile, China, India, and Turkey now account for the overwhelming majority of Russian oil exports, reshaping global energy trade flows.
To read the full article featuring Petras Katinas and his analysis of Russia’s fossil fuel revenues, visit the original coverage in Euronews.
