- Russia earned nearly $254 billion from fossil fuel exports in 2024, bringing its total revenue since its 2022 invasion of Ukraine to $887 billion. This exceeds the estimated $211 billion Moscow spent on the war during the same period.
- Despite Western sanctions, Russian oil products continue to reach G7 countries through third-party nations like India and Turkey, with approximately $18.8 billion worth of refined oil imported from these locations in 2024.
- Analysts suggest tighter restrictions on these third-party nations could reduce Russia’s energy sales.
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Russia reportedly generated nearly $254 billion in fossil fuel revenue in 2024. That’s according to a report from the Centre for Research on Energy and Clean Air (CREA) and the campaign group B4Ukraine. The group also found that since Russia invaded Ukraine in 2022, Moscow has amassed a total of $887 billion from fossil fuel sales.
How do These revenues compare to Russia’s war spending?
These earnings exceed the estimated $211 billion that the U.S. Department of Defense believes Russia spent on its war effort between 2022 and 2024.
Despite sanctions imposed by Western nations in response to the war, Russian fossil fuel products remain profitable. Some revenue came from Western markets through third-party nations.
How much of Russia’s fossil fuel revenue comes from the West?
According to the report, six refineries in India and Turkey processed Russian crude oil, with G7 countries importing over $18.8 billion worth of refined oil products from these facilities last year. Approximately half of these products were believed to be sourced from Russian crude. It contributed an estimated $4.2 billion in tax revenue for the Russian government.
Between 2022 and 2024, foreign businesses contributed approximately $60 billion in taxes to Russia, with American companies accounting for $1.2 billion in 2023 alone.
What happens next?
Analysts suggest additional restrictions on third-party nations involved in processing Russian crude could impact Moscow’s economy. They note that increased pressure from the U.S. on these countries could influence their purchasing decisions, potentially leading to declines in Russian energy sales.