Russia Seaborne Crude Earnings Surge to Highest Level Since 2022

Russia’s earnings from seaborne crude exports have surged to their highest weekly level since the escalation of the Ukraine conflict in 2022, Bloomberg has reported. Rising oil prices and stronger shipment volumes have boosted Moscow’s revenues despite Western sanctions.

The gross value of Russian crude exports reached $2.75 billion in the week through September 27, the outlet reported on Tuesday. On a four-week basis, shipments averaged 3.71 million barrels per day, their highest since early August, while their value climbed to $2.39 billion a week.

According to the outlet, the increase has been driven by both higher crude prices and growing export volumes. Global oil prices have risen sharply during the US-Israeli war on Iran amid the disruption of shipping via the Strait of Hormuz, boosting earnings for major producers outside the Persian Gulf, including Russia.

The surge comes despite Western efforts to curb Moscow’s energy earnings. The G7, EU and Australia introduced a $60-per-barrel price cap on Russian crude in December 2022 alongside an EU embargo on seaborne imports, followed by restrictions on Russian petroleum products in February 2023.

The measures were designed to reduce Russia’s revenues while keeping its crude flowing to global markets and avoiding a supply shock. Moscow responded by redirecting much of its oil trade away from Europe toward China, India and other markets, which now account for the bulk of Russian seaborne crude purchases. According to Bloomberg, shipments to Asian customers, including cargoes whose final destination was not yet known, rose to 3.61 million barrels per day in the four weeks through September 27.

Russia’s latest crude windfall has, however, been partly offset by falling exports of refined fuels. Moscow has restricted diesel shipments to protect domestic supplies after an unprecedented wave of Ukrainian drone strikes damaged refineries across the country, while lower processing rates have left more crude available for export.

Russia has consequently raised its crude-export forecast for 2026 by about 150,000 barrels per day while cutting its forecast for refined-product shipments by roughly 500,000 barrels per day, according to Bloomberg.

Western governments are meanwhile continuing to pressure European states that still rely on Russian energy. German Foreign Minister Johann Wadephul urged Slovakia on Tuesday to phase out Russian oil and gas and increase pressure on Moscow, days after meeting Russian Foreign Minister Sergey Lavrov in New York.

Slovakia has resisted a rapid cutoff, with Russian supplies accounting for more than 80% of its oil and over half of its gas imports in 2025, according to the European Commission. Slovak Foreign Minister Juraj Blanar said the country had built its energy infrastructure around Russian supplies and warned that abandoning them immediately would create “enormous problems,” arguing that alternative routes currently lack sufficient capacity.