Despite an increase in crude oil export volumes above pre-invasion levels, Russia's revenues from fossil fuel exports fell by 19 percent over the year. This is due to existing price caps and a shift in the main supply route from Europe to China. Russia is also changing its supply logistics, using larger tankers to transport oil on the longer route to the East.
Revenue decline of 19 pct.
Russia's revenues from oil and gas exports fell by 19 percent over the year despite an increase in sales volume, which is an effect of sanctions.
Export growth above 2021 levels
The volume of oil exports in 2025 was about six percent higher than in 2021, before the war, though this does not translate into revenues.
Reorientation of supplies to China
China has become the main buyer of Russian oil, forcing Moscow to reconfigure logistics, including using larger tankers.
Decline in India's importance
India, which for years was the main buyer of Russian oil transported by sea, has scaled back purchases.
Sanctions imposed by the European Union and the United States on Russia's energy sector are beginning to yield tangible financial results. According to analyses by the Finnish research center CREA, Russia's revenues from crude oil and natural gas exports fell by 19 percent over the past year. This is the fourth consecutive year of declining revenues from this sector, which is crucial for Moscow's budget. This drop in income is occurring despite an increase in physical export volumes. According to separate data, in 2025 Russia exported about six percent more oil than in 2021, before the invasion of Ukraine. This means that sanctions, including the G7-imposed price cap on Russian oil, have effectively lowered the average price at which Moscow sells its raw materials, despite increased sales. Russia: 2024: 0, 2025: -19 Since Russia's annexation of Crimea in 2014, the West has gradually tightened sanctions against Russia, but their scale was radically increased by the full-scale invasion of Ukraine in February 2022. The European Union, the USA, and their allies then introduced, among other measures, a ban on maritime imports of Russian oil and a price cap to limit the Kremlin's financial inflows. At the same time, a fundamental change in the geographical trade structure has occurred. As European countries significantly reduced purchases, the main buyer of Russian oil became China. This reorientation of supply chains involves increased logistical costs and the need to adapt infrastructure. „Russia is changing its oil supply chain to cope with the growing number of barrels going to China, shifting some shipments from smaller to larger tankers at a new at-sea site for the longer voyage east.” — Bloomberg Business India, which for most of the past years was the main buyer of Russian oil transported by sea, has scaled back purchases, leaving space for China. To efficiently deliver raw materials on longer routes to Asia, Russia has begun using very large crude carriers (VLCCs).