China and the European Union together account for over half of Russia’s estimated $1.17 trillion in earnings from fossil fuel exports since the full-scale invasion of Ukraine in February 2022, according to a new analysis by the Finland-based Centre for Research on Energy and Clean Air (CREA).
The data, compiled from Russia’s export volumes and global energy price movements, shows that China remains the largest buyer of Russian fossil fuels, followed by the European Union, which together make up a dominant share of Moscow’s export revenues for oil, gas and coal.
Key findings from the CREA estimate:
-
Total fossil fuel export earnings: Russia has accrued around $1.17 trillion from fossil fuel exports since February 24, 2022, with sales continuing to fuel its economy during the war period.
-
China and the EU dominate imports: China and EU member states account for over half of these earnings, highlighting their sustained demand for Russian energy commodities amid global market shifts.
-
India’s role: India’s share of Russia’s fossil fuel export revenues stands at roughly 16.26 per cent, positioning it as a significant buyer — though well behind China and the EU — with purchases driven largely by discounted crude oil amid reduced Western demand and sanctions.
-
Composition of imports: The revenues include a mix of crude oil, refined oil products, LNG, pipeline gas and coal, with oil typically forming the largest portion of export value.
-
Policy context: CREA’s findings underscore the challenges of sanctions regimes and market dynamics, as global buyers continue to source Russian fossil fuels through a combination of direct purchases and alternative shipping channels.
Analysts say the figures reflect deep interdependencies in the global energy trade, with major economies balancing strategic interests, energy security concerns and geopolitical pressures. CREA has repeatedly called for stronger enforcement of export controls and pricing mechanisms to reduce Kremlin revenues that sustain Russia’s military operations.