Against the backdrop of the war in the Middle East, Russia’s revenue from oil, gas, and coal sales in March 2026 increased by 52% compared with February and reached €713 million per day. This is the highest level in the past two years, according to a report by the Centre for Research on Energy and Clean Air (CREA), as noted by “Novaya-Europe”.
Analysts expect a noticeable rise in tax revenues for the Russian budget. According to their preliminary estimate, proceeds from the mineral extraction tax in March may have increased by 114% to reach €7.4 billion (662 billion rubles).
Other findings from the report:
🔷 The average Urals price in March rose by 67% to $94.5 per barrel, more than twice the updated EU and UK price cap of $44.1. At the same time, the discount on Urals narrowed by half compared with the previous month, averaging $6.4 per barrel.
Infographic: CREA
🔷 China and India remain the largest buyers of Russian oil. China increased imports of Russian ESPO crude by 14% over the month, while India doubled its crude purchases. Supplies to state-owned Indian refineries rose especially sharply, by 148% over the month. In the first quarter of 2026, 90% of all crude oil exports went to China and India.
🔷 Despite sanctions, the EU continues to be a significant buyer of Russian energy products. According to CREA, in March the EU was the fourth-largest buyer of fuel from Russia. In March, 14 shipments of oil products from plants processing Russian oil arrived at EU ports.
🔷 Nearly half of Russia’s seaborne oil was transported by sanctioned “shadow” tankers. CREA estimates their share at 48%, while another 44% was carried by tankers from G7+ countries.
🔷 Ukrainian strikes on the Baltic ports of Ust-Luga and Primorsk in late March reduced the volume of oil product exports from those ports by 53% compared with the same period last year.