Oil Exports from Russia. Volumes, Prices, Revenues. Source: KSE Institute

In addition to liquefied natural gas delivered by ship, including to European Union ports, Russian suppliers earned money from the export of other energy resources. In April 2026, Russian revenues from fossil fuel exports increased by 4% month-on-month, to €734 million per day, reports Luke Wickenden of the Center for Research on Energy and Clean Air (CREA). He emphasizes that “This increase occurred despite a 7% month-on-month decline in export volumes.”

Ukrainian drone attacks on Russian infrastructure ensuring the supply of crude oil and products for export caused a 24% drop in oil deliveries by sea. Among other things, fuel terminals in the Baltic and Black Seas were damaged, which translated into lower sales revenues. Russian oil export revenues fell by 9% month-on-month, to €374 million per day, according to CREA analysts. This occurred despite a significant increase in Russian oil prices.

Oil supply statistics to the EU changed significantly in April of this year following the resumption of pipeline transport of crude oil via the southern section of the Druzhba pipeline to Hungary and Slovakia. Crude oil exports via Russian pipelines increased by 36% compared to March of this year.

Urals crude oil prices as of May 22, 2026. Source: TradingEconomics.com

The spot price of crude oil from the ESPO region was approximately $103.50–$105.00 per barrel on May 22, 2026, according to EChemi.com. ESPO is a premium Russian crude oil known for its high middle distillate yield, priced and traded primarily in Asian markets.

In extreme situations, average FOB prices for Urals crude oil increased by approximately $33/barrel month-on-month to approximately $76/barrel in March, significantly exceeding the imposed EU price cap. FOB prices at ESPO Kozmino increased by approximately $31/barrel to approximately $85/barrel. Prices for Russian diesel fuel and gas oil rose to approximately $144/barrel and $134/barrel, respectively, while heating oil prices almost doubled to $61/barrel.

Equally good quality Russian Urals crude was trading at around $100/barrel in May of this year, approaching international reference prices, explain experts at TradingEconomics.com. Russian exporters supplied approximately 7.03 million barrels per day to the market in April of this year. The closure of the Strait of Hormuz also had an impact here, limiting oil supply to the global market.

Diesel prices in Russia averaged $158.10/barrel, according to IEA data, which is $58 above the $100/barrel limit. Heating oil was priced at $51.70 per barrel, slightly above the $45 per barrel limit, according to Michelle Wiese Bockmann of the University of South Australia, an analyst with 25 years of experience tracking tanker trade across three continents.

Three consecutive 30-day waivers from trade sanctions on Russian crude oil for water issued by the US have had a significant impact on the supply side of the market. However, they have not changed price pressures. This is despite the UK also announcing this week that it has delayed planned import restrictions on refined products derived from Russian crude oil and liquefied natural gas.

LNG Prices December 2025 – April 27, 2026 Source: LNGPriceIndex.com
Record Gas Revenues

As a result, Russian exporters’ revenues from liquefied natural gas (LNG) supplies increased by as much as 25%, to €58 million per day, according to analysts at the Kyiv Economic Institute. The majority, 55%, of Russian LNG supplies were received in April of this year at EU gas terminals. France and China utilized LNG import terminals at maximum capacity in March.

Operators from these countries collectively accounted for 42% of total imports. The Zeebrugge (Belgium) and Montoir (France) terminals received 46% of supplies from the Yamal facility, while Tongyeong (South Korea) and Rudong LNG Terminal (PetroChina, China) received 34% of supplies from the Sakhalin-2 terminals. Of all deliveries, French and Chinese ship managers handled 54% of Russian LNG shipments, according to researchers from the KSE Institute.

They found that “Singaporean and Japanese shipowners controlled 67% of the total fleet capacity. ISM managers based in Singapore and Bermuda oversaw 53% of Russian LNG shipments, and Bahamas- and Cypriot-flagged vessels accounted for 63% of total LNG shipments. Russian LNG deliveries to EU terminals decreased by 1%, with the lost EU volumes being absorbed by China and Japan. Imports of Russian LNG from these countries increased by 32% and 57%, respectively.”

Analysts from Kyiv calculated that “Revenues from pipeline gas exports increased by 15% to €82 million per day.” This occurred despite a 7% month-on-month decline in supply. With only two LNG carriers transiting the Strait of Hormuz in April, global gas supplies remained limited, and prices rose. As a result, high prices were also recorded in the European market. Their 24% year-on-year increase led Russia to increase its gas export revenues.

Revenues from the export of marine petroleum products also grew. Thanks to a 32% month-on-month increase, Russian suppliers earned €173 million per day. Revenues from coal exports also increased by 5% month-on-month. Exporters earned €45 million per day, and export volumes increased by 3%.

Active Shadow Fleets

Shadow fleets were also extremely active in April 2026. They accounted for the highest share of Russia’s fossil fuel exports ever (54%). Shipowners not subject to sanctions also took advantage of this opportunity. Tankers from G7+ operators transported a further 44% of crude oil.

The lifting of US sanctions on Russian oil exports also increased activity among shadow fleets and European operators. According to the International Energy Agency (IEA), Russia earned $19.18 billion from oil exports in April, an increase of $6.28 billion compared to the previous year. This occurred despite a 460,000 barrel-per-day reduction in oil production to 8.8 million barrels per day, according to TradingEconomics.com.

The shadow fleet and zombie vessels have regained momentum. Today, they once again play a key role in Russian oil exports. The KSE Institute estimates that in March 2026, 194 tankers from the shadow fleet were engaged in ship-to-ship (STS) operations from Russian ports or in ship-to-ship (STS) transshipments. 92% of the vessels carrying crude oil and products were over 15 years old.

Kyiv-based analysts write in “Russian Oil Tracker – April 2026” that “The percentage of tanking days covered by sanctions increased from 15% in July 2025 to 32% in March 2026. The United States, the United Kingdom, the EU, Australia, Canada and New Zealand have collectively sanctioned 651 tankers.

Rosyjski eksport surowców energetycznych w kwietniu 2026 r. źródło: CREA