Russia Earns $620 Billion From Energy Sales
Former Ukrainian prime minister Arseniy Yatsenyuk says China, India and Turkey have paid Russia that sum for oil and gas over four and a half years.
Updated on Nov. 3, 2026 in Oil and Gas
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Arseniy Yatsenyuk, chairman of the Kyiv Security Forum, said Russia has received approximately $620 billion from China, India and Turkey through gas and oil sales over the past four and a half years. He made the statements in a speech at Chatham House.
Why it matters
Yatsenyuk argues these energy revenues allow Russia to sustain its war against Ukraine. The figures bear on how international energy purchases from Russia intersect with the broader conflict and Western sanctions efforts.
The figures come from a speech estimate rather than an official trade or revenue filing. Trade volume between China and Russia has effectively doubled, while the methodology behind the total was not specified.
The players
Arseniy Yatsenyuk
Yatsenyuk is chairman of the Kyiv Security Forum and served as prime minister of Ukraine from 2014 to 2016.
The details
Yatsenyuk said Russia generates the revenue by selling hydrocarbons, including gas and oil, to China, India and Turkey. He also cited a figure of about $27 billion in direct budget revenue to Russia from the war in Iran.
Timeline
Yatsenyuk spoke at Chatham House on Tuesday, November 3, 2026.
Ukraine faces a projected funding shortfall of about EUR 70 billion next year.
Oil and Gas Context
Yatsenyuk drew a parallel to the oil price collapse of roughly 1986 to 1991, which preceded the Soviet Union's breakup in 1991. Russia's current energy revenue dependence on Asian and Turkish buyers reverses that earlier vulnerability.
Shifts in Russian energy revenue can affect global oil and gas pricing that households and businesses pay at the pump and on utility bills. Trade flows with China, India and Turkey determine how much Russian crude and gas reaches those markets.
The takeaway
Energy purchases from Russia by major economies remain a central factor in whether Moscow can finance its war, making energy trade policy a key lever in the conflict.
Further reading
Track global supply and pricing in the Oil and Gas section for more on how energy flows shape the market.
Source note: This article includes information reported by Interfax-Ukraine.
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