Russian Fossil Revenues Peak in April Despite Ukrainian Strikes

Russia’s fossil fuel revenues hit a 2.5-year high in April despite Ukrainian strikes reducing export volumes, as global prices surged after Strait of Hormuz disruptions. China and India remained top buyers, while several EU states continued importing Russian energy. Make us preferred on Google Flip Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied A Russian ruble coin is pictured in front of the Kremlin’s Spasskaya tower and St. Basil’s cathedral in downtown Moscow on September 12, 2025. (Photo by Alexander NEMENOV / AFP) Content Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied Flip Make us preferred on Google Russia’s fossil fuel export revenues in April reportedly reached the highest figure in two and a half years despite intensified Ukrainian drone strikes. According to the Centre for Research on Energy and Clean Air (CREA) , the increase came despite a 7% drop in total export volumes compared to March and rose to an average of €734 million ($862 million) per day in April 2026. Follow our coverage of the war on the @Kyivpost_official . The peak in export revenue was driven by higher global energy prices following supply disruptions via the Strait of Hormuz after the US/Israeli war on Iran began. At the same time, Russia’s crude oil export volumes fell further due to Ukrainian drone strikes on oil production facilities and infrastructure. Ukraine’s Ministry of Defense reported that 14 Russian oil refineries and terminals were hit in April. China and India, two world powers with close ties to Russia, are the largest importers of Russian fossil fuels. According to the CREA, China was the largest buyer of Russian fossil fuels in April 2026, at €7.3 billion ($8.6 billion), while India was the second-largest, at €5 billion ($5.9 billion). NATO member Turkey followed at €3 billion ($3.5 billion). Saudi Arabia imported €683 million ($802 million) worth of oil products from Russia. Japan recorded a sharp 57% monthly increase in Russian liquefied natural gas (LNG) imports, reaching €163 million ($191 million). Other Topics of Interest Victory Parade in Moscow: How to Read Putin’s Words? Russia’s 9 May Victory Day parade sparked debate over Vladimir Putin’s strength and the war in Ukraine. While critics saw the scaled-back event as evidence of Kremlin weakness and declining support, others warned against underestimating Russia’s military capacity. Commentators also noted Putin’s softer rhetoric toward Volodymyr Zelenskyy and growing tensions within Russia’s political and economic elite. EU member states continued to import Russian fossil fuels in April 2026, undercutting their aid to Ukraine. France was the largest buyer, with €413 million ($485 million) in LNG imports. Belgium and Spain also imported vast amounts of LNG – €363 million ($426 million) and €181 million ($213 million), respectively. France, Belgium, and Spain are taking advantage of the opportunity to buy Russian LNG before the EU’s full ban on Russian LNG imports takes effect in January 2027 Hungary and Slovakia also continued to purchase Russian oil and gas, with the Druzhba pipeline resuming Russian oil flows on April 23 – a precondition for Budapest to drop its veto on the vital €90 billion ($105 billion) EU loan for Kyiv. Hungary followed France as the second-largest EU importer of Russian energy in April 2026, purchasing €380 million ($446 million) of fossil fuels from Moscow. Slovakia imported €228 million ($268 millsion) worth of Russian energy in April – including €124 million ($146 million) for pipeline gas and €104 million ($122 million) for crude oil via the Druzhba pipeline. Hungary and Slovakia received pipeline gas via the Balkan Stream pipeline, while most other EU states received it via seaborne LNG. A previous analysis by the Institute for the Study of War (ISW) asserted that Moscow has failed to benefit from the increased revenues due to repair costs and subsidies to oil companies, which cost the Kremlin about $4.7 billion in April 2026. Michiel Hilgeman is a Netherlands based political commentator. He analyzes the national political developments in European countries and shifts in the geopolitical landscape. He studied Policy, Communication and Organization in Amsterdam, The Netherlands and got a Master’s Degree in 2011. He actively travels to several countries in Europe, including Ukraine.