Russia has supplied energy resources worth over $320 billion to Europe since 2022 — Novak
Quick Look
- Russian Deputy Prime Minister Alexander Novak stated that Russia has supplied energy resources worth over $320 billion to Europe since 2022, exceeding previous U.S. estimates of $250 billion.
- He noted that $21.3 billion in supplies were delivered in the first nine months of 2026 despite sanctions, and that additional Russian diesel supplies to global markets, including the U.S., are helping balance supply disruptions caused by Strait of Hormuz issues and reduced refining capacity, with diesel prices already down 5-6% globally.
AI-generated summary
Why It Matters
Russia has continued to export energy resources to Europe and global markets despite Western sanctions imposed after its actions in Ukraine. The Deputy Prime Minister cited ongoing contractual obligations and exceptions in sanctions regimes that allow certain energy flows.
MOSCOW, October 12. /TASS/. Russia has supplied energy resources worth over $320 billion to Europe since 2022, Deputy Prime Minister Alexander Novak said in an interview with the Vesti news program.
"The figure for the period from 2022 to the present stands at $320.7 billion -- that is the total volume of energy resource supplies to European Union countries," he said.
Thus, according to the deputy prime minister, this figure is even higher than the one previously cited by the US side, which estimated European spending on supplies from the Russian Federation at $250 billion.
"Regarding 2026, according to the Energy Ministry, $21.3 billion worth of energy resources has already been supplied to Europe in just the first nine months. In other words, despite sanctions restrictions, our energy resources continue to be supplied along specific routes where exceptions have been made," Novak noted.
Novak emphasized that Russia continues to fulfill its contractual obligations. "It is not our fault that the share of exports to the European Union has changed significantly in recent years. However, we are supplying what our European counterparts want," he said.
Market stabilization measures
The deputy prime minister also stated that additional supplies of Russian diesel fuel to global markets, including the US, would help balance the complex situation caused by issues in the Strait of Hormuz and a global reduction in refining capacity.
"Today, we have the capacity to provide additional supplies to global markets, including the US market, to help balance the situation, which is currently quite complex due to issues in the Strait of Hormuz and a general reduction in global refining capacity caused by disrupted infrastructure and logistics," Novak said.
He noted that oil prices have nearly doubled, and that additional supplies from Russia are already having an impact. "These additional supplies from Russia to global markets will allow for increased volumes and help partially balance supply and demand. We are already seeing this on global markets, where diesel prices have adjusted downward by approximately 5-6%," the deputy prime minister added.
What to Watch
AI outlook — possibilities, not facts
Russian diesel supplies to global markets will continue to influence diesel prices in the near term.
Likely · Within weeks
Open Questions
- Which specific routes or exceptions allow continued Russian energy exports to Europe?
- How long will current refining capacity constraints and Strait of Hormuz issues persist?
- Are European countries increasing or decreasing their reliance on Russian energy over time?
