Sanctions did not stop exports. This is the list of recipients of Russian oil

During four years of a full-scale war against Ukraine, Russia obtained over EUR 1 trillion from fossil fuel exports, according to a report by the Center for Research on Energy and Clean Air (CREA) based in Helsinki. Although revenues have declined over the past year, sales volumes remain higher than before the invasion.

Russian export

In the fourth year of the war, revenues from fossil fuel exports amounted to 193 billion euros. That’s 19 percent. less than a year earlier and by 27 percent less than before the invasion began. Oil continued to be the most important source of revenue. Revenues from its sales dropped by 18%. year on year – to EUR 85.5 billion, and the export volume decreased by 6%, to 215 million tons.

Despite the decline in revenues, the amount of oil exported remains higher than before the war. According to the report’s authors, this means that the sanctions mainly forced price reductions, rather than a real reduction in supplies. In the fourth year of the war, as many as 93 percent of Russian oil exports went to three countries: China, India and Turkey.

In the case of coal, the situation is different – both income and export volume increased by 8%, respectively. and 7 percent year to year. At the same time, 84 percent Russian coal exports are directed to four countries: China, India, Turkey and South Korea, which shows a strong dependence on a narrow group of recipients.

Shadow fleet

The report draws attention to the development of the so-called shadow fleets – ships flying under foreign flags, used to transport embargoed oil. In the fourth year of the war, sanctions covered 312 tankers, which is more than in the first three years combined (253). At the same time, the number of units in the shadow fleet increased from 12 at the beginning of 2025 to 109 in October. These vessels are estimated to have transported crude oil and petroleum products worth €3.1 billion through EU waters.

The authors of the report emphasize that Europe’s dependence on Russian fossil fuels has decreased over the last 12 months. Imports to the EU dropped to EUR 14.5 billion, i.e. by 36%. year to year. At the same time, they point to gaps in the sanctions system. In the first ten months of 2025, imports of Russian oil via Hungary and Slovakia increased by 11%. compared to the same period of the previous year.

According to analysts, Russia maintains the level of exports by selling raw materials at reduced prices and using an increasingly extensive shadow fleet. Closing exceptions and tightening sanctions – including on petroleum products made from Russian oil – could further reduce revenues financing war activities.