Russia's oil revenues have fallen to pre-war levels

Moscow's income from energy exports has declined, despite an increase in oil supplies. This was reported by Reuters with reference to analyst data.

According to the non-profit Center for Research on Energy and Clean Air (CREA), for the 12 months ending February 24, 2026, Russia received 193 billion euros from the export of oil, gas, coal and petroleum products. This is 27% less than the comparable period before the outbreak of hostilities.

Sanctions from Western countries have not yet led to a decrease in oil exports, but have forced Moscow to sell raw materials at lower prices, the material says. According to CREA, the Kremlin's crude oil export revenues fell 18% year-on-year over the past year, even though shipments were 6% higher than pre-war levels at 215 million tons.

After India, under US pressure, refused to purchase Russian oil, China increased supplies of raw materials, Bloomberg previously wrote . According to a ship tracking service, Russian oil deliveries to Chinese ports in the first 18 days of February rose to 2.09 million barrels per day, up from 1.72 million in January and 1.39 million in December. This growth offset lower supplies to India, Bloomberg said in a February 24 report.

At the same time, the increase in oil supplies to China forced Russia to rebuild the supply chain, the agency noted. Now Moscow has to transship raw materials from small tankers to ultra-large ones capable of transporting up to two million barrels, according to data from Vortexa Ltd. analytical platforms. and Kpler, which journalists refer to.

Thus, since December 2025, about 6.3–6.9 million barrels of Urals oil have been transported on small ships through European waters and the Suez Canal to the Red Sea, and then transferred to four ultra-large oil tankers. The agency noted that the use of large ships that can be used as floating storage facilities is economically justified due to the longer route to China.