Although the volume and value of Russia's fossil fuel exports have declined since the invasion of Ukraine at the end of February, in May 2022 Russia was still earning approximately 40% more money from the export of oil, gas and coal than it was a year ago. This is explained by fossil fuel prices on the global market, which had risen even before the start of the war in Ukraine.

As seen in data from the Center for Research on Energy and Clean Air (Center for Research on Energy and Clean Air), the reduction in exports and the discounts the country is currently offering on its fossil fuels are proving costly for Russia. However, prices that are significantly higher than a year ago mean that Russia is still receiving plenty for its fossil fuel exports as a whole. For example, crude oil prices had already reached pre-pandemic levels by mid-2021.

The report indicates that exports to the EU saw the largest decline, with their value in May being approximately 114 million US dollars lower than in February and March. The countries that most successfully reduced their dependence on Russian fossil fuels were Poland, Spain, Lithuania and Italy. The daily value of exports to the US decreased by 33 million US dollars over the same period, while exports to India increased by 65 million US dollars, meaning that Russia's total daily fossil fuel export revenue in May was approximately 100 million US dollars lower than it had been two to three months prior.