Russian oil exports remain elevated despite sanctions, according to a new report from the Centre for Research on Energy and Clean Air (CREA).
Exports still above pre-invasion levels
While export volumes declined last year, Russia’s crude shipments in the fourth year of the war are still 6% higher than pre-2022 invasion levels, the report found.
Western sanctions imposed by the European Union, the United States, and the Group of Seven have targeted Moscow’s oil trade — particularly its so-called “shadow fleet.”
The shadow fleet workaround
Russia’s shadow fleet consists of ageing tankers with opaque ownership structures that are used to bypass sanctions, including price caps and maritime service restrictions.
The EU currently lists 598 vessels suspected of being part of this fleet and bans them from European ports and maritime services.
However, CREA says enforcement gaps remain.
Isaac Levi, CREA analyst and report co-author, said that while fossil fuel revenues have fallen due to new measures and stronger enforcement, “significant loopholes” still allow large export volumes.
Revenues fall, volumes remain high
According to the report:
- Russian crude export revenues fell 18% to €85.5 billion in the 12 months to February 24, compared to the previous year.
- Export volumes dropped 6% to 215 million tonnes over the same period.
Lower revenues are largely the result of Russia offering discounted oil to attract buyers.
Major buyers: China, India, Turkey
CREA found that 93% of Russian crude exports went to:
- China
- India
- Turkey
These countries have become key markets for Russian crude since Europe sharply reduced direct imports.
Re-export loopholes
One major concern highlighted in the report is the re-export of refined fuels. Russian crude can be processed in third countries and then sold to sanctioning nations as refined products.
Levi proposed banning imports from any refinery or storage terminal that has received Russian oil shipments within the previous six months.
EU exemptions under scrutiny
The report also criticized continued imports by Hungary and Slovakia, which were granted exemptions from EU sanctions.
According to CREA, both countries imported 11% more Russian crude in the first 10 months of 2025 compared to the same period in 2024.
Call for tougher enforcement
CREA urged the EU and UK to detain shadow fleet vessels that may pose environmental and security risks along European coastlines.
The findings suggest that while sanctions have reduced Russia’s oil revenues, enforcement gaps and alternative trade routes continue to allow export volumes — and by extension, war financing — to remain substantial.
