The United States recently made the decision to impose sanctions on two leading oil companies of the Russian Federation – “Rosneft” and “Lukoil”. The aim of these restrictions is to reduce Moscow’s ability to finance its military activities. The new sanctions pose a risk for companies that continue to purchase Russian oil: they may lose access to the international financial system based on the US dollar.
This is reported by Finway
Decline in Russian revenues and the role of Asian and European markets
From January to September 2025, 86% of Russia’s crude oil exports went to China and India. If access to these markets is lost, the country’s monthly revenues from exports could decrease by approximately $7.4 billion. As of September, the monthly revenues of the Russian Federation from fossil fuel exports have fallen to their lowest level since the beginning of the full-scale invasion of Ukraine.
Despite the fact that Russia’s revenues from energy exports are currently 50% lower than in September 2022, the country continues to receive significant funds due to oil and gas purchases from Asia, Eastern Europe, and liquefied natural gas (LNG) supplies to the European Union.
EU continues to buy Russian gas and LNG
The European Union remains the largest importer of Russian liquefied natural gas: it accounts for 50% of this resource’s exports from Russia. In second place is China with 22%, and Japan ranks third, importing 18%. Additionally, the EU is also the largest buyer of pipeline gas from Russia – 35% of total pipeline gas exports, while China and Turkey receive 30% and 29%, respectively.
“Although Russia’s revenues are 50% lower than the September 2022 figure, they are still supported by oil and gas purchases from buyers in Asia and Eastern Europe, as well as LNG supplies to the EU.”
Despite the restrictions imposed by the United States, Moscow has found a way to continue exporting liquefied natural gas from the Arctic LNG 2 project. To do this, Russia is using China as an intermediary, which allows it to circumvent some of the sanctions and maintain a presence in the international energy market.