Crude oil shipments from Russia 2022-2024, by destination

On January 1, 2024, the largest volume of Russian crude oil shipments went to India, at almost 237,000 metric tons per day based on a 30-day running average. Since the beginning of 2022, the shipments to the European Union (EU) and the United States have decreased significantly. Both the EU and the U.S. imposed sanctions on oil imports from Russia in response to the invasion of Ukraine in 2022. The EU banned seaborne crude oil imports starting from December 5, 2022, while the U.S. banned all imports of oil and petroleum products from Russia on March 8, 2022. Existing deals had to be ended by April 22, 2022. Furthermore, the G7, the EU, and Australia imposed a price cap of 60 U.S. dollars per barrel from December 5, 2022, to reduce Russia's energy export revenue, which is one of its largest sources of income.

Which countries started buying more oil from Russia?

Faced with Western sanctions on Russian oil, Russia increased crude oil shipments to China, India, Turkey, Egypt, and the United Arab Emirates. In fact, China contributed the most to Russia's oil export revenue since the war in Ukraine, at approximately 178 billion euros as of May 2024. However, the oil price ceiling imposed in December 2022 could make it more difficult for Russia to export to non-Western countries, too. This is because the policy also applies to tankers that belong to the sanctioning countries, as well as those insured or financed by them. For instance, Russian oil cannot be transported to Turkey for a price above the market cap if it is insured by EU or United Kingdom (UK) companies. 

How much does Russia earn from oil exports?

Crude oil has traditionally been the main source of fuel and energy export revenue of Russia. Between February 24, 2022, and June 18, 2024, Russia earned almost 472 billion euros from oil exports, including crude oil and refined products. Over the same period, EU countries paid around 107 billion euros for Russian oil.