Mercedes Mullins
Russia is a key player in the global oil and gas market, being the world's largest exporter of oil, petroleum products, and natural gas. In 2021, Russia's crude and condensate output reached 10.5 million barrels per day, accounting for 14% of the world's total supply. The same year, Russia exported 4.7 million barrels per day of crude oil to various countries. China was the largest importer of Russian crude, with 1.6 million barrels per day, while Europe received 2.4 million barrels per day. In 2021, Russia also exported 750,000 barrels per day of diesel to Europe, meeting 10% of the demand.
In terms of natural gas, Russia is the second-largest producer after the United States, with the largest gas reserves globally. In 2020, Russia was the top exporter of natural gas, and in 2021, European imports of Russian gas via pipeline totalled about 140 billion cubic meters, with an additional 15 billion cubic meters delivered as liquefied natural gas (LNG). Russia's LNG exports accounted for approximately 8% of the global supply in 2021.
Russia's role as a major energy supplier has come under scrutiny following its invasion of Ukraine, with sanctions targeting its energy sector. While there has been a push to reduce reliance on Russian energy, particularly in Europe, Russia continues to generate significant revenue from its fossil fuel exports.
| Characteristics | Values |
|---|---|
| Percentage of Europe's natural gas supplied by Russia | 35% |
| Percentage of the UK's natural gas supplied by Russia | 3% |
| Percentage of China's fossil fuel imports from Russia | 38% |
| India's rank in the list of countries that import fossil fuels from Russia | Second |
| The EU's rank in the list of countries that import fossil fuels from Russia | Fourth |
| The amount of money the EU paid for fossil fuels from Russia in June 2025 | EUR 1.47 bn |
| The amount of money the five largest EU importers of Russian fossil fuels paid in June 2025 | EUR 1.2 bn |
| The percentage of Turkey's imports from Russia that consisted of oil products | 44% |
| The value of Turkey's imports of oil products from Russia | EUR 1 bn |
| The percentage decrease in Turkey's imports of oil products from Russia month-on-month in June | 13% |
| The increase in imports of refined oil products at the port of Ceyhan in Turkey | 33% |
| The percentage of refined oil products at the port of Ceyhan in Turkey that came from Russia | 88% |
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What You'll Learn
The UK's fuel reliance on Russia
The UK's reliance on Russian fossil fuels has been a cause for concern, particularly in the context of the country's invasion of Ukraine. In 2021, the UK imported gas, oil, and coal from Russia worth a combined £4.5 billion. This accounted for 4% of gas, 9% of oil, and 27% of coal used in the UK. However, the UK government has taken steps to reduce this reliance.
In March 2022, the UK announced plans to phase out imports of Russian oil, and by August 2022, the UK had gone six months without importing any gas from Russia. The UK also banned imports of Russian coal and oil, with a ban on Russian gas coming into effect in January 2023. These actions have significantly reduced the UK's reliance on Russian fossil fuels.
In January 2023, the UK imported no coal, oil, or gas from Russia, and this trend continued until the end of March 2023, marking a full year without importing Russian gas. This has improved the country's energy security and reduced its exposure to volatile global gas prices. The UK has instead looked to other sources for its energy imports, including the UK Continental Shelf, pipelines from Norway, interconnectors with the continent, and liquefied natural gas (LNG) terminals.
While the UK's direct reliance on Russian fossil fuels has decreased, Russia still plays a significant role in the global gas supply chain, and disruptions to this supply can impact the UK. Additionally, the UK's exposure to global gas prices is underscored by the importance of generating more cheap, clean, renewable energy and nuclear power to reduce reliance on expensive fossil fuels. The UK has invested £90 billion in renewable energy since 2012, contributing to one of the most reliable and diverse energy systems in the world.
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EU sanctions on Russia
The EU has imposed a raft of sanctions on Russia since its invasion of Ukraine in February 2022. These sanctions are designed to put pressure on Russia, weaken its economic base, and diminish its ability to wage war. The EU has also imposed sanctions in response to human rights violations and abuses in Russia.
The economic sanctions include blocking the Russian Central Bank's reserves and assets, prohibiting the financing of the Russian government and Central Bank, and banning a range of financial interactions and transactions with Russia. The EU has also prohibited the provision of crypto services and trust services, and has excluded Russia from public contracts and European money.
The EU has also targeted specific economic sectors in its sanctions, including the energy industry. The EU has pledged to terminate all energy deals with Russia by 2027, and has already made significant progress in reducing its dependence on Russian fossil fuels. Between early 2022 and the end of 2023, the EU slashed its imports of Russian fossil fuels by 94%, from $16 billion per month to around $1 billion per month. Coal imports are nil. However, the EU is still buying energy supplies from Russia, with Russian gas imports making up 18% of all EU natural gas imports as of late 2024.
The EU has also imposed sanctions on individuals and entities in Russia. The country-specific regime allows the EU to target those who provide financial, technical, or material support for, or are otherwise involved in or associated with, human rights violations in Russia. Currently, 52 individuals and one entity are sanctioned under this regime. The EU has also called for the immediate and unconditional release of all political prisoners in Russia and an end to the persecution of the country's political opposition.
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Impact on Russian fossil fuel exports
The impact of the Russian invasion of Ukraine on the 24th of February 2022 has been profound, with far-reaching consequences for the global economy and energy markets. As a result of the invasion, the EU and the UK imposed sanctions on Russia, targeting Moscow's energy revenue.
Russia's fossil fuel exports, a backbone of its economy, have been significantly affected by these sanctions. In 2021, more than half of Russia's crude oil exports went to European countries. However, in 2022, the UK and other European nations reduced their oil imports from Russia, with the EU banning imports of Russian oil by sea and imposing a price cap on Russian oil. These measures have had a substantial impact, with Moscow losing out on significant revenue from its fossil fuel exports. According to a study by the Centre for Research on Energy and Clean Air (CREA), Moscow is losing approximately $175 million (£140 million) per day due to these sanctions.
The shift towards liquefied natural gas (LNG) imports by European countries has also been notable, reducing their reliance on Russian gas. However, there is a shortage of LNG terminals in Europe, which has created challenges, particularly for Germany. The EU has targeted the Nord Stream pipelines between Russia and Germany to prevent future revenue generation for Putin, and Russia's energy giant Rosneft's refinery in India has also been affected by the sanctions.
While some countries, such as the Slovak Republic and Hungary, have remained heavily reliant on Russian oil, others have sought alternative suppliers. China and India have emerged as the largest and second-largest buyers of Russian fossil fuels, respectively, with India's imports from Russia reaching their highest levels since July 2024. Brazil has also purchased significant amounts of Russian fossil fuels, while Turkey's imports from Russia have decreased.
The sanctions and the shift away from Russian fossil fuels have resulted in increased prices for natural gas in Europe, including the UK, due to the close connection between the UK and European markets. The Dutch April gas contract, for example, reached a record €185 per megawatt-hour, while the UK's prices jumped by almost 40% to 398p per therm.
Overall, the sanctions on Russia have had a substantial impact on its fossil fuel exports, reducing its revenue and ability to fund the war in Ukraine. However, there is a continued push for more comprehensive measures to further limit Russia's export earnings and constrict the Kremlin's war chest.
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EU's 10-Point Plan to reduce reliance
The European Union has been working to reduce its reliance on Russian fossil fuels, particularly natural gas, since Russia's invasion of Ukraine. In 2022, the REPowerEU Plan was launched, and the EU's share of Russian gas imports dropped from 45% to 19%. However, there was a rebound in 2024, and as of late 2024, Russia still accounted for 18% of the EU's natural gas imports.
The International Energy Agency (IEA) proposed a 10-Point Plan to further reduce the EU's reliance on Russian natural gas. The plan aims to reduce imports by more than 50 billion cubic meters (bcm) within one year, or a reduction of over one-third. It is consistent with the EU's climate ambitions and the European Green Deal and does not include any measures that would increase the EU's emissions in the near term.
The 10-Point Plan includes a range of immediate actions across gas supplies, the electricity system, and end-use sectors. While the specific measures are not publicly available, the IEA has provided some insights into the strategies that could be implemented:
- Strengthened international cooperation with alternative pipeline and LNG exporters, as well as other major gas importers and consumers.
- Clear communication between governments, industries, and consumers to ensure successful implementation.
- Improving the transparency, monitoring, and traceability of Russian gas across EU markets.
- Preventing new contracts with suppliers of Russian gas and stopping spot contracts by the end of 2025.
- Addressing Russia's 'shadow fleet' of vessels that evade sanctions and transport oil.
- Restricting new supply contracts co-signed by the Euratom Supply Agency for uranium, enriched uranium, and other nuclear materials from Russia.
- A major push on innovation to loosen the links between natural gas supply and Europe's electricity security.
- Using real-time electricity price signals to unlock more flexible demand and reduce peak supply needs.
- Diversification of energy supplies to eliminate risks to supply security and market stability.
- Accelerating investment in clean and efficient technologies to reduce the demand for imported gas.
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Russia's oil price cap
Russia's invasion of Ukraine has resulted in sanctions from the EU and the UK, targeting Moscow's energy revenues. In 2022, the G7 countries, along with Australia, implemented a price cap on Russian oil exports. This policy aimed to restrict Russia's oil revenues while maintaining the supply of Russian oil to prevent a spike in global oil prices. The price cap was set at $60 per barrel for seaborne oil.
The G7 price cap applies to any purchase of crude oil exported by sea from Russia if the transaction uses maritime, financial, or other services from a G7 or Australian entity. Petroleum products were included under the cap in February 2023. The price cap policy allows service providers in Coalition countries to support the Russian oil trade only if the oil is sold at or below the specified cap. This mechanism ensures that Russian oil remains on the world market while reducing the Kremlin's profits.
The price cap has achieved its intended goals in the initial months after its implementation. Kremlin oil tax revenue decreased significantly, while global energy supply remained stable. Russia responded by selling its oil at a discount to market prices to continue accessing dominant Coalition service providers. However, Russia also sought to circumvent the restrictions by exporting oil through a "shadow fleet" with opaque ownership structures and a history of sanctions evasion.
In October 2023, the Coalition launched the second phase of the price cap with a dual approach: tightening enforcement of the price cap for trades using Coalition services and increasing the costs for the Kremlin to sell oil through alternative shipping ecosystems. This phase resulted in a marked decline in the price at which Russia sells its oil, reflecting reduced global oil prices and a widening discount relative to other suppliers.
The EU has also targeted the Nord Stream pipelines between Russia and Germany to prevent future revenue generation, and imposed sanctions on Russia's banking sector to limit the Kremlin's financial capabilities. These measures, along with the oil price cap, are intended to increase pressure on Russia's economy and hinder its ability to fund the war in Ukraine.
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Frequently asked questions
In 2021, Russia exported 4.7 million barrels of crude oil per day. In 2024, the EU spent 39% more on Russian fossil fuel imports than it set aside for Ukraine.
In January 2025, China, Turkey, India, the EU, and Brazil were the top five importers of Russian fossil fuels.
In the third year of the invasion of Ukraine, Russia earned EUR 242 billion from global fossil fuel exports. Since the start of the invasion, Russia has earned an estimated EUR 847 billion from fossil fuel exports.
Sanctions have reduced Russia's fossil fuel export revenues, limiting its ability to fund the war. However, Russia's fossil fuel exports have only dropped by 8% compared to the year before the invasion.
Russia exports crude oil, refined oil products, liquefied natural gas (LNG), vacuum gas oil, fuel oil, and gas oil.
