Russia’s fossil fuel export revenues reached their highest monthly level since December 2022 in October 2026, driven by record earnings from seaborne crude and record LNG loadings, according to new data from the Centre for Research on Energy and Clean Air (CREA).
Russia earned €754 million per day from fossil fuel exports in October, up 14% month-on-month, despite broadly unchanged export volumes. Daily earnings from seaborne crude surged 23% to a record €352 million.
China remained the dominant buyer of Russian coal and crude oil, while Türkiye led imports of Russian oil products. The EU, meanwhile, remained the largest buyer of Russian LNG and pipeline gas.
Overall, the EU was the third-largest buyer of Russian fossil fuels in October, behind China and India. South Korea ranked fifth, purchasing €488 million worth of Russian fossil fuels, with LNG accounting for 54% of its imports.
China also unloaded its second-highest monthly volume of Russian LNG on record in October, including record volumes from the sanctioned Arctic LNG 2 project.
European imports of Russian LNG have barely fallen despite the EU's restrictions. Six months after the ban on Russian LNG imports under short-term contracts came into force, imports had declined by just 1.2% year-on-year, with only one fewer cargo arriving than in the same period a year earlier. Much of the trade was simply redistributed between EU member states. Meanwhile, higher prices pushed the value of these imports up by around a third to €4.1 billion.
The EU's continued reliance on Russian LNG is also reflected in its spending on Arctic supplies. The bloc spent an estimated €8.7 billion on Russian Arctic LNG in the first ten months of 2026 – 21% more than its estimated bill for the whole of 2025, according to Urgewald.
The real test of the EU's commitment to ending Russian LNG imports comes on 1 January 2027, when the ban is extended to long-term contracts.
As Ukraine continues to face daily Russian attacks on civilians and critical infrastructure, the B4Ukraine Coalition urges the EU and G7 to step up efforts to restrict Russian fossil fuel exports and cut off a vital source of Kremlin revenue.
With the EU ban on Russian LNG imports set to take effect on 1 January 2027, Brussels must stand firm: no delays, no new exemptions and no lifelines for Russian LNG.