Russian fossil fuel export revenues have dropped to their lowest level since the full-scale invasion of Ukraine, even as TurkStream gas supplies to Europe climbed 7% year-on-year, according to a monthly analysis by the Center for Research on Energy and Clean Air (CREA).
Key things you should know about Russia’s fossil fuel exports in September:
• In September 2025, Russia’s monthly fossil fuel export revenues fell 4% month-on-month to €546 million per day — their lowest level since the full-scale invasion of Ukraine. Revenues for the Russian budget from oil and gas also dropped 26% year-on-year.
• Ukrainian drone strikes on Russian refineries and ports contributed to a 13% month-on-month decline in oil product exports, while export volumes fell 9% over the same period.
• Turkiye’s imports of Russian oil products plummeted 27% month-on-month, marking the lowest level since November 2022.
• Meanwhile, Russian gas supplies to Europe via TurkStream rose 7% year-on-year, with 13.8 billion cubic meters delivered in the first three quarters of 2025.
• ‘Shadow’ tankers accounted for 69% of Russia’s crude oil exports in September, up 6% from August. At least 18 of these vessels used false flags, 14 of which passed through European waters.
• A $30 per barrel price cap would have cut Russia’s oil export revenues by 40% from the start of EU sanctions in December 2022 through September 2025, and by 36% in September alone.
• Full enforcement of the newly lowered $47.6 per barrel cap would have reduced September revenues by 17%, or around €1.53 billion.
Russia’s fossil fuel export revenues have declined since the implementation of sanctions, limiting Moscow’s ability to finance the war. However, further measures are needed to curb Russia’s export earnings and restrict funding for the Kremlin’s war effort. These include lowering the oil price cap for crude and oil products, strengthening sanctions monitoring and enforcement, and banning unsanctioned fossil fuels, including LNG and pipeline gas, currently permitted in the EU.