The US Energy Information Administration reports that from 2020 to the first half of 2025, Russia’s crude oil and condensate exports averaged 5.0 million barrels per day, with a shift in destination due to sanctions after its 2022 invasion of Ukraine. Exports to Europe dropped sharply, from 51% in 2020 to just 11% in 1H25, while exports to Asia and Oceania surged to 81% by 2024. China and India now dominate as top buyers, with India’s imports growing significantly from 50,000 b/d in 2020 to 1.6 million b/d in 1H25. On August 6, 2025, President Trump announced tariffs on India in response to its continued imports of Russian oil, which could impact future Russian export volumes. The EIA writes:
From 2020 to 2024, crude oil and condensate exports from Russia averaged 5.0 million barrels per day (b/d). Exports from Russia in the first half of 2025 (1H25) were 4.3 million b/d (compared with 4.8 million b/d in 2024). Even as crude oil export volumes from Russia have remained relatively high, the destination of these exports has shifted, mainly due to sanctions related to Russia’s full-scale invasion of Ukraine in February 2022.
Europe received 51% of Russia’s crude oil and condensate exports in 2020. However, this volume fell to 12% in 2024 and 11% in 1H25. Over half of Russia’s exports to Europe went to Türkiye in 2024 and 1H25.
This decline in exports from Russia to Europe was offset by an increase in exports to Asia and Oceania. In 2020, Asia and Oceania received 41% of Russia’s crude oil and condensate exports, with much of the exports going to China by pipeline. In 2024, Asia and Oceania received 81% of Russia’s crude oil and condensate exports, with China and India accounting for the vast majority.
Exports from Russia to China increased by 500,000 b/d between 2020 and 2024, and China remains the largest importer of Russia’s crude oil and condensate, averaging 2.2 million b/d in 2024 and 2.0 million b/d in 1H25. In 2024, India was the second-largest recipient for crude oil and condensate from Russia and is largely responsible for the growth in Asia. Exports from Russia to India increased from about 50,000 b/d in 2020 to 1.7 million b/d in 2024 and averaged 1.6 million b/d in 1H25.
On August 6, U.S. President Donald Trump issued an executive order applying tariffs on India for continued exports of Russia’s oil. Implementation of the additional tariffs or other sanctions may affect export volumes out of Russia.
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