In 2024, the Russian Federation earned $80.6 billion from energy exports despite sanctions imposed by Western countries. A significant portion of this income came from oil and petroleum product sales — around $73.1 billion, while gas exports brought in $7.5 billion, reports the Baltimore Chronicle with reference to ВВС.
According to data published by the Centre for Research on Energy and Clean Air (CREA), the European Union remains the primary source of foreign currency revenue for Russia. In the first quarter of 2024, EU countries paid over $17.2 billion for Russian energy resources. Germany was the largest importer, spending $6.6 billion, followed by Italy and the Netherlands.
China ranked second among buyers of Russian energy, purchasing oil, gas, and coal worth $11.7 billion between January and March. India took third place, with total purchases amounting to $6.2 billion. Collectively, the EU, China, and India provided over 82% of Russia’s energy export revenues in the first quarter.
Russia earned the most from crude oil exports — more than $33.2 billion, accounting for 41% of its total energy trade. Petroleum products accounted for another 39%, while liquefied natural gas made up 9%. Pipeline gas exports contributed 6% of the total.
CREA analysts noted that, despite the imposed restrictions, Russia managed to circumvent part of the sanctions by using a shadow tanker fleet, undisclosed discounts, and supply schemes that conceal the country of origin. A substantial portion of Russian oil is exported through the ports of Novorossiysk, Primorsk, and Kozmino.
Earlier we wrote about U.S. revokes Chevron’s license to export Venezuelan Oil.