Azernews.Az

Qabil Ashirov

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Russia’s income from oil and gas exports has dropped sharply over the past year, reflecting the growing impact of international sanctions and shifting global demand, AzerNEWS reports, citing international media outlets.

Russia earned approximately €193 billion from the export of oil, gas, coal, and petroleum products in the last twelve months—a 19% decline compared to the same period a year earlier.

The drop is even more pronounced when compared to pre-war levels, with revenues falling by 27%. The European Union’s imports of Russian energy products have plummeted by 36%, totaling just €14.5 billion over the past year. This marks a significant shift in the bloc’s energy sourcing strategy, driven by geopolitical tensions and a push for diversification.

Russia’s two largest oil customers—India and China—have also reduced their imports. India’s purchases fell by 9% to €31.6 billion, while China’s imports declined by 14%, reaching €43 billion.

The Finnish think tank CREA attributes the downturn to several key factors, including EU sanctions targeting refined products made from Russian crude and enforcement actions by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) against major Russian oil firms Rosneft and Lukoil. These measures have particularly disrupted shipments to India, once a growing market for Russian oil.

In early February, the European Commission proposed its 20th sanctions package against Russia. Among the new measures is a sweeping maritime ban on tankers transporting Russian oil—a move expected to significantly tighten existing restrictions and further curtail Moscow’s energy revenues.

As the global energy landscape continues to evolve, Russia faces mounting pressure to adapt to a shrinking export market and intensifying regulatory scrutiny.