Russia loses billions in oil and gas revenues

Four years after the start of the war in Ukraine, Russia’s energy revenues have fallen markedly, even though oil continues to flow from the country in large volumes.

According to an analysis by the Centre for Research on Energy and Clean Air, export revenues from oil, gas, coal and refined products totalled €193 billion over the past 12 months – 27 per cent less than before the invasion.

While gas exports have slumped since 2022, oil export volumes remain 6 per cent higher than before the war. However, Moscow has been forced to sell crude at lower prices, reflected in an 18 per cent year-on-year decline in oil revenues.

Russia has redirected supplies primarily to China, India and Turkey, while relying on a so-called shadow fleet of tankers. The EU is considering tighter sanctions, but Hungary has so far vetoed further measures.

The US has also entered the fray – President Donald Trump has made a trade agreement with India conditional on limiting purchases of Russian oil.

(reuters, pir)