August M
Four years into the war against Ukraine, Russia has earned more than €1 trillion from fossil fuel exports, even as annual revenues decline under sanctions pressure.
A new report by the Helsinki-based Center for Research on Energy and Clean Air (CREA), cited by money.pl, shows that while earnings have dropped, export volumes remain resilient.
Revenues Down, Volumes Steady
According to CREA, Russia generated €193 billion from fossil fuel exports in the fourth year of the full-scale war. That marks a 19% decline compared to the previous year and a 27% drop from pre-invasion levels.
Oil continues to be Moscow’s main source of export income. Revenue from oil sales fell 18% year-on-year to €85.5 billion, while export volumes declined by 6% to 215 million tons.
Despite the revenue decrease, CREA notes that oil export volumes remain higher than before the invasion. The think tank argues that sanctions have forced Russia to offer steeper discounts rather than significantly reduce shipments.
By the fourth year of the war, China, India and Turkey accounted for 93% of Russia’s oil exports.
Coal And Key Buyers
Coal exports moved in the opposite direction. CREA reports that both coal revenues and volumes rose in the fourth year of the war, by 8% and 7% respectively.
However, 84% of Russian coal exports went to just four countries: China, India, Turkey and South Korea, underscoring reliance on a limited number of markets.
The report also highlights divisions within the European Union. Hungary and Slovakia increased their combined imports of Russian crude oil by 11% in the first ten months of 2025 compared with the same period a year earlier.
Shadow Fleet Expands
CREA analysts describe the growing use of a so-called shadow fleet — vessels operating under foreign flags to transport embargoed oil — as a key tactic in circumventing sanctions.
In the fourth year of the invasion, 312 ships were sanctioned, more than in the previous three years combined. Yet the number of vessels linked to the shadow fleet rose sharply, from 12 at the beginning of 2025 to 109 by October.
The report estimates that ships using false flags carried €3.1 billion worth of oil and petroleum products through EU waters.
“Russia’s fossil fuel export revenues are now significantly lower than before the invasion, but Moscow is sustaining volumes by relying on discounted sales and an increasingly brazen shadow fleet,” said Luke Wickenden, an energy analyst and co-author of the report.
Co-author Isaac Levi added that EU fossil fuel imports from Russia fell 36% year-on-year to €14.5 billion, but warned that loopholes still channel funds to the Kremlin.
He called for tighter enforcement, including ending exemptions for Hungary and Slovakia and closing gaps in restrictions on refined products made from Russian oil.
Sources: Center for Research on Energy and Clean Air (CREA), money.pl
