Russia’s cumulative earnings from exporting fossil fuels since the war in Ukraine (February 24, 2022) surpassed $1 trillion at the beginning of the 2026 calendar year. China and the European Union (EU) accounted for more than half the share, followed by India.
According to data from the Finland-based Centre for Research on Energy and Clean Air (CREA), Russia’s earnings from the export of crude oil, natural gas and coal hit €1 trillion, or roughly $1.17 trillion at the current exchange rate, between February 24, 2022 and January 3, 2026.
Oil (including crude oil and oil products) and fossil gas (either pipelined gas or LNG shipments) represent the vast majority of this revenue, it added.
China was the largest buyer of Russian fossil fuels worth around $343.76 billion, accounting for around 29.38 per cent of the total. Almost $246 billion was spent on oil purchases, followed by around $50 billion for coal and $47.50 on procuring liquefied natural gas (LNG).
The EU was Russia’s second largest fossil fuel trading partner accounting for around 21.81 per cent, or around $255.21 billion, with $123.23 billion spent on procuring oil, $126.54 billion (LNG) and $4.10 billion (coal).
Together these two accounted for more than 51 per cent of Russia’s fossil fuel export earnings.
India, which is Russia’s largest seaborne crude oil buyer, purchased fossil fuels worth more than $190 billion, accounting for around 16.26 per cent of Russia’s cumulative earnings.
The world’s third largest energy consumer procured crude oil worth over $168 billion between February 24, 2022 and January 3, 2026. It also purchased coal worth over $21 billion during the same period.
“The trade flourishes because of Russia’s ability to expand markets for its oil, grow its ageing, dangerous shadow fleet, and funnel large volumes of unsanctioned gas to Ukraine’s allies in the EU. EU imports consist of one fifth of this one trillion. Russian gas is the major share of it,” CREA emphasised.
Russian oil has also continued to flow into the EU, mainly to Hungary and Slovakia. President Trump’s exemption for Hungary means that €1 billion will continue to flow into the Kremlin war chest, it added.
“Sanctioning countries also continue to boost Russian revenues by allowing products refined from Russian crude to continue entering their shores. Over 500 ‘shadow’ tankers continue to carry Russian oil globally, often transiting key checkpoints and straits while not having any known and recognised insurance,” the think tank pointed out.
Last month, CREA said that state-run refiners increased Russian crude oil purchases in November 2025, which comes as Urals crude is discounted heavily following the US sanctions.
Discount on Urals increased by 4 per cent in November 2025 averaging $6.66 per barrel below Brent, compared to October ($4.92) and September ($5.13). The average Urals price fell 6 per cent m-o-m to $55 per barrel (November 2025), remaining above the new price cap of $47.6, it added.
Published on January 7, 2026
