Increase in Russia's Fossil Fuel Export Revenues in May

In May 2026, Russia exported the same volume of fossil fuels as in April but earned 2% more due to higher prices. Ukrainian attacks on Russian oil infrastructure do have an effect, but some countries have increased the amount of fossil fuels they buy from Russia. Spain, for example, doubled the amount of liquefied natural gas (LNG) that it imports.

Who is buying Russian Fossil Fuels?

According to the Centre for Research on Energy and Clean Air (CREA), Russia’s fossil fuel export revenues reached €726 million ($843 million) per day in May 2026. China was the largest buyer of Russian fossil fuels, purchasing €7 billion ($8 billion), a lower volume than in April.

India increased its imports of Russian fossil fuels month-on-month, amassing €5.8 billion ($6.7 billion) and becoming the second-largest buyer.

Turkey imported €2.8 billion ($3.2 billion) worth, while the top five EU importers purchased a combined €2.3 billion ($2.7 billion).

Europe’s imports of Russian LNG increased despite EU sanctions on short-term supply contracts, which took effect on April 25. Spain was the top buyer of Russian LNG and doubled its imports from Russia to €337 million ($391 million. France and Belgium followed with €253 million ($294 million) and €252 million ($293 million) respectively.

Hungary at €674 million (783 million) and Slovakia at €497 million ($577 million) were the top two EU buyers of Russian fossil fuels. Their imports of Russian crude oil increased after flows through the Druzhba pipeline resumed on April 23.

Ukrainian attacks on Russian oil infrastructure

Ukraine struck key Russian oil infrastructure and multiple refineries in May to hit Russia’s economy.

On May 13, the Tamanneftegaz oil terminal, one of the major export hubs on the Black Sea, was hit. Subsequently, exports of oil products from the port of Taman declined by 53% month-on-month. On June 13 this terminal was again targeted in a drone strike by the Security Service of Ukraine (SBU), in a joint operation with the Special Operations Forces (SSO) and the Main Directorate of Intelligence (HUR).

Ukraine is likely to continue targeting Russian oil infrastructure with medium- and long-range strikes in an effort to damage Russia’s economy and reduce funding for its war efforts.