The IEA reported that the Kremlin earned approximately $20 billion each month in 2022 from combined sales of crude oil and other products totalling around 8 million barrels per day. In 2022, total oil export revenues were up 50% for Russia.
Nonetheless, the EU bloc remained the largest market for Russian exports in April. According to the IEA, it received 43% of Russia’s shipments. However, the EU is pushing towards a full ban on Russian crudes, with sanctions against Russian state-linked companies, such as oil giant Rosneft PJSC, set to begin on May 15.