EU Remains the Largest Importer of Russian Gas Despite Declining Russian Revenues

Last week, the United States imposed sanctions on two leading oil companies of the Russian Federation — “Rosneft” and “Lukoil.” The aim of these restrictions is to weaken Moscow’s financial capabilities to conduct war. Under the terms of the sanctions, international companies that continue to purchase Russian oil may lose access to the global financial system, which operates based on the US dollar.

This is reported by AgroReview

Main Markets for Russian Oil and Revenue Dynamics

From January to September 2025, China and India became key consumers of Russian crude oil, accounting for 86% of total exports combined. Experts note that if Russia loses these markets, it risks missing out on approximately $7.4 billion in revenue each month. Meanwhile, in September, Russia’s monthly revenue from fossil fuel exports dropped to its lowest level since the beginning of the full-scale invasion of Ukraine.

“Although Russia’s revenues are 50% lower than the figures from September 2022, they are still supported by oil and gas purchases from buyers in Asia and Eastern Europe, as well as liquefied natural gas supplies to the EU.”

The Role of the EU in Purchasing Russian Energy Resources and New Export Routes

The European Union currently purchases half of all Russian liquefied natural gas (LNG), while China accounts for 22% of LNG exports, and Japan for 18%. In the pipeline gas segment, the EU also maintains leadership with a share of 35%, followed by China (30%) and Turkey (29%).

Despite American sanctions, Russia has found ways to continue exporting LNG from the Arctic project Arctic LNG 2, using China as a transit country and intermediary.