Russian energy revenues fall four years after Ukraine invasion despite higher oil export volumes
Russian energy revenues fell 27% this year as sanctions forced lower prices. Despite the income drop, crude export volumes remain above pre-invasion levels.
Russia 
RU revenues from oil, gas, coal and refined product exports fell to €193 billion in the 12 months ended February 24, 2026, according to an analysis by the Centre for Research on Energy and Clean Air. This total represents a 27% drop from the comparable pre-invasion period, even as crude export volumes remained above levels seen before the full-scale invasion of Ukraine 
UA. The report, released on the fourth anniversary of the conflict, highlights the structural link between energy income and the Kremlin's ability to fund its military efforts.
RU revenues from oil, gas, coal and refined product exports fell to €193 billion in the 12 months ended February 24, 2026, according to an analysis by the Centre for Research on Energy and Clean Air. This total represents a 27% drop from the comparable pre-invasion period, even as crude export volumes remained above levels seen before the full-scale invasion of Ukraine UA. The report, released on the fourth anniversary of the conflict, highlights the structural link between energy income and the Kremlin's ability to fund its military efforts.
