Russia's weekly seaborne oil revenue hits record $2.75 billion since full-scale invasion
Russia's seaborne crude export earnings reached $2.75 billion in the week to September 27, the highest weekly figure since the start of the full-scale invasion of Ukraine, driven by higher volumes and rising Urals and ESPO prices. The jump comes as Ukrainian drone strikes have reshaped Russia's export mix and Moscow's own diesel export ban partially offsets the gains.
Key points
- Seaborne crude export revenue reached $2.75 billion in the week to September 27, a record since the start of the full-scale invasion.
- 37 tankers loaded 27.9 million barrels of Russian crude during the week, up from 32 vessels and 24.99 million barrels the previous week.
- Average four-week export volume rose to 3.71 million barrels per day, the highest since early August.
- Weekly revenue grew by about $180 million despite a decline in Urals prices; the four-week average rose by $290 million to $2.39 billion.
- China and India remain the largest buyers, with Asian deliveries and shipments to unspecified destinations rising to 3.61 million barrels per day from 3.4 million.
- Mediterranean-bound exports fell to roughly 100,000 barrels per day, the lowest level since the start of the full-scale war.
- Russia has extended its diesel export ban until the end of October and raised its 2026 crude export forecast by about 150,000 barrels per day while cutting its oil-product forecast by about 500,000 barrels per day.
- Ukrainian drone strikes have disabled roughly a fifth of Russia's primary refining capacity, and a Saudi East-West pipeline outage in September helped push Urals and ESPO prices to their highest in over three months.
Why it matters
Record weekly export earnings strengthen Russia's wartime finances even as the country's own diesel export ban and the loss of refining capacity from Ukrainian drone strikes reshape its export mix. The price boost was amplified by a September attack on Saudi Arabia's East-West pipeline that tightened global supply, a reminder that disruptions far from Ukraine continue to feed Moscow's oil revenues.
What happened
In the week to September 27, Russia's seaborne crude exports generated $2.75 billion, the highest weekly figure since the full-scale invasion began. Thirty-seven tankers loaded 27.9 million barrels of Russian crude, up from 32 tankers and 24.99 million barrels the week before. The average four-week export volume climbed to 3.71 million barrels per day, the highest since early August. Weekly revenue rose by roughly $180 million despite lower Urals prices, while the four-week average climbed by $290 million to $2.39 billion. Urals and ESPO prices reached their highest levels in more than three months, supported in part by a September drone attack on Saudi Arabia's East-West pipeline that cut Saudi supplies. China and India remained the top buyers, with shipments to Asian clients and to unspecified destinations rising to 3.61 million barrels per day from 3.4 million. Mediterranean-bound exports fell to about 100,000 barrels per day, the lowest since the start of the full-scale war.
How Ukrainian sources describe it
Ukrainian outlets link the revenue record directly to Ukrainian drone strikes on Russian refineries, which have taken out roughly a fifth of primary refining capacity and forced Moscow to extend its diesel export ban until the end of October. The framing portrays the record as fragile: gains from record crude exports are partially offset by Russia's own restrictions on diesel sales, and Russian refiners are reportedly receiving state compensation through a damper mechanism.
Background
In August, Moscow was losing up to $400 million a week because of difficulties with seaborne shipments. Saudi Arabia's East-West pipeline, which can move about 7 million barrels per day around the Strait of Hormuz, was attacked by drones in September. China and India remain the largest buyers of Russian crude, and Russian refineries continue to receive state compensation through a damper mechanism while the diesel export ban is in force. Russia has raised its 2026 crude export forecast by about 150,000 barrels per day while cutting its oil-product supply forecast by about 500,000 barrels per day.