In May 2025, Russia’s fossil fuel export revenues dropped to their lowest since the full-scale invasion of Ukraine — even as coal revenues rose sharply, according to the Center for Research on Energy and Clean Air (CREA).
Key things you should know about Russia’s fossil fuel exports in May:
• India’s imports of Russian coal surged by 34% month-on-month — an all time high, totalling 3.74 mn tonnes (EUR 686 mn).
• Russian seaborne oil exports fell by 7% month-on-month and almost half (54%) of these exports were transported on G7+ tankers. Since January, the G7+ share in this transport has increased from 35% to 54%, while the share of ‘shadow’ tankers fell from 65% to 46%.
• Seaborne crude oil exports dropped by 3% month-on-month. G7+ tankers handled 39% of crude oil shipments in May, up from just 19% in January. ‘Shadow’ tanker use for crude fell from 81% in January to 61% in May.
• An estimated EUR 142 mn worth of Russian oil was transferred daily via ship-to-ship (STS) operations in EU waters — a 55% increase from the previous month. G7+ tankers conducted 93% of these transfers, while only 7% involved ‘shadow’ vessels.
• In a recent statement, the President of the EU Commission proposed lowering the oil price cap to USD 45 per barrel, considering current global oil prices. CREA analysis suggests that a USD 45 per barrel price cap would have cut Russian revenues by 27% (EUR 2.8 bn) in May alone. But this calculation is based on strong and full enforcement of the cap — which even now leaves much to be desired.
• CREA continues to advocate for a lower price cap of USD 30 per barrel which would have slashed Russia’s oil export revenue by 40% from the start of the sanctions in December 2022 until the end of May 2025. In May alone, a USD 30 per barrel price cap would have slashed Russian revenues by 36% (EUR 3.8 bn).
Sanctions are working — but there’s more to be done. As Putin’s economy minister warns that Russia is “on the verge” of a recession, now is the best time for Ukraine’s allies to tighten the screws and strengthen the sanctions regime.