Russia’s daily fossil fuel revenue increased 14% above February levels as a result of higher oil and gas prices and the relaxation of some US sanctions. According to an analysis by the Centre for Research on Energy and Clean Air, Moscow has pocketed €6 billion ($6.9 billion) in fossil fuel revenue since the war in Iran began.
President Donald Trump spoke to Russian President Vladimir Putin on Monday, during which Putin offered to reengage with European importers as a way to ease the global energy crisis. The US Treasury Department already granted India a waiver to purchase Russian crude, and according to Reuters is considering additional sanctions rollbacks to alleviate the market shortage. Prior to the Iran war, Western sanctions had been effective in driving down Russia’s fossil fuel revenue; oil exports fell for a third consecutive month in February. In the meantime, Europe’s clean energy push is already paying some dividends: according to CREA, the expansion of solar power saved the region about 2 billion cubic meters of gas per month in 2025.
