Russia has generated an estimated 1 trillion euros in revenue from global fossil fuel sales since launching its full-scale invasion of Ukraine on 24 February 2022, with income continuing to flow well into January 2026. The earnings have played a central role in sustaining the war effort, funding destruction in Ukraine and contributing to widespread displacement and loss of life.
The scale of the revenue reflects Russia’s ability to redirect and expand its energy exports despite sweeping international sanctions. Oil shipments have been rerouted to new markets, while exports of gas have continued to reach some of Ukraine’s allies in the European Union. According to the data, EU countries account for roughly one fifth of the total trillion-euro sum, with Russian gas making up the largest share of those imports.
Russian oil has also continued to enter the EU, primarily through Hungary and Slovakia. A policy exemption granted by U.S. President Donald Trump for Hungary is expected to allow approximately 1 billion euros more to flow into Russia’s coffers, reinforcing the Kremlin’s capacity to finance its military operations.
Even countries that have formally sanctioned Russia have indirectly supported its energy revenues. Products refined from Russian crude oil are still permitted to enter their markets, providing Moscow with an additional income stream despite restrictions on direct imports.
A critical component of this trade has been Russia’s growing “shadow fleet” of ageing oil tankers. More than 500 such vessels are reported to be transporting Russian oil around the world, frequently passing through major maritime chokepoints and strategic straits. Many of these ships operate without recognized or transparent insurance, raising concerns over safety, environmental risk, and the effectiveness of existing sanctions.
