Russia Oil Exports Above Pre‑War Levels Despite Sanctions

Published: 24 February 2026

The English Chronicle Desk

The English Chronicle Online

As the Ukraine war enters its fourth year, a new report shows that Russia’s crude oil exports remain higher than before its full‑scale invasion in 2022, despite sanctions imposed by Western nations aimed at cutting off Moscow’s energy revenues. According to the Centre for Research on Energy and Clean Air (CREA), the volume of Russian crude oil exports in the fourth year of the conflict was approximately six percent above pre‑invasion levels, even though overall export volumes fell slightly last year.

The CREA analysis highlights how Russia has maintained and reshaped its oil trade in the face of sanctions designed to curb its ability to fund the war in Ukraine. Western restrictions have focused on limiting Moscow’s access to global financial systems and the insurance needed for seaborne shipments, but researchers say loopholes remain. One key tactic has been the use of an ageing fleet of tankers with opaque ownership, often referred to as a “shadow fleet,” which enables Russian crude to continue flowing to international buyers largely in Asia.

While the physical volume of exports stayed above pre‑war levels, Russia’s oil revenue declined because it has been forced to sell at discounted prices to attract buyers amid the sanctions regime. Export revenues dropped compared with figures before the invasion, even as discounted sales allowed shipments to continue. CREA analysts argue that stricter enforcement and additional measures are needed to close gaps that allow Russian oil to evade sanctions restrictions.

China, India, and Turkey absorbed the vast majority of Russia’s crude exports, accounting for around 93 % of shipments, illustrating how trade patterns have shifted toward markets less aligned with Western sanctions. Countries in the European Union have largely curbed direct imports of Russian crude, but exemptions granted to some members and the re‑export of refined products have complicated enforcement efforts, the report notes.

The persistence of Russian oil exports above pre‑war levels comes amid broader changes in global energy flows, with diesel and refined fuel markets adjusting to sanctions and shifting demand. Western nations have introduced bans on certain Russian fuel imports and imposed price caps, yet critics say these measures have had limited effect on reducing volumes and instead mainly lowered Moscow’s revenues through discounting.

The report’s findings underscore both the resilience of Russia’s energy export infrastructure and the challenges facing policymakers seeking to diminish the Kremlin’s war‑financing capacities. As the conflict continues, energy trade dynamics remain central to international debates on sanctions policy and efforts to pressure Russia economically.

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