Russia's oil and gas exports bring lowest revenues since 2022

In May 2025, Russia’s export revenues from selling fossil fuel abroad fell to their lowest level since the start of the full-scale war against Ukraine.

Source: a monthly report by the Centre for Research on Energy and Clean Air (CREA)

Details: According to CREA analysts, Russia’s export earnings from oil, gas, oil products and coal have declined by 19% since May 2024 and have almost halved compared to the early months of the full-scale invasion.

Revenues from seaborne crude oil exports amounted to €176 million per day, down 8% compared to April and 22% year-on-year. Although the physical volume of shipments rose by 4%, the average price of Urals crude, Russia’s benchmark oil, fell to US$57.3 per barrel, significantly reducing total earnings.

Pipeline oil exports brought Russia an additional €59 million per day (a fall of 8%). Gas exports in May generated €101 million per day – €51 million from pipeline gas and €40 million from LNG. Revenues from oil product sales remained at the April level – €101 million per day. Meanwhile, income from coal exports rose by 18%, reaching €74 million daily.

The leading importers of Russian energy remain as follows:

• China – €5.7 billion per month, mostly for oil;
• India – €4.2 billion;
• Türkiye – €1.8 billion, including €1.1 billion worth of oil products.

The European Union purchased around €1 billion worth of Russian energy. The majority (70%) was gas, while the remaining 30% was oil, which continues to be supplied via the Druzhba pipeline to Hungary and Slovakia.

CREA warns that lowering the price cap on Russian oil from US$60 to US$45 per barrel could reduce Russia’s foreign currency revenues by a further €2.7 billion per month, or approximately 27%. Currently, almost 40% of Russia’s oil exports rely on Western tankers, which may leave the market if sanctions are tightened.

Background:

• In April, Russia earned US$13.2 billion from exporting crude oil and oil products – the lowest figure in nearly two years.
• Russia continues to illegally transship oil at sea near Greece, using uninsured tankers to evade sanctions.
• Russia’s oil and oil product export revenues in May 2025 fell due to falling prices.
• Two vessels – one linked to Russia’s shadow fleet – collided near the strategic Strait of Hormuz, further fuelling nervousness on energy markets.

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