Russia pulled in €726 million per day from fossil fuel exports in May 2026. That’s a 2% bump from the previous month, achieved without any meaningful increase in export volumes.

China remains Russia’s most important energy customer by a wide margin, accounting for roughly 50% of crude oil exports and about 38% of total fossil fuel revenues. India picks up another 36% of crude purchases. Together, they’ve essentially replaced Europe as the backbone of Russia’s energy trade.

Turkey, meanwhile, has carved out a niche as the leading importer of Russian oil products.

But here’s the thing: Europe hasn’t actually left the building. The EU still accounts for 49% of Russian LNG imports. Spain doubled its LNG purchases from Russia in May, a move that raised eyebrows given that Madrid implemented a ban on new short-term contracts just weeks earlier, on April 25. The ban apparently didn’t apply to existing agreements.

Crude oil revenues specifically hit €362 million daily, with volumes rising 8% even as Ukrainian drone strikes hammered the Taman terminal hard enough to cut oil-product loadings there by 53% in mid-May.

The shadow fleet and the stablecoin

Shadow fleet tankers, vessels operating outside Western insurance and regulatory frameworks, carried 48% of Russia’s seaborne oil during May.

The A7A5 stablecoin, a ruble-backed digital token, has processed over $93 billion in its first year of operation. Cumulative volumes have reportedly reached somewhere between $100 billion and $110 billion. Russian entities are using it to settle real energy transactions with counterparties who can’t or won’t use dollar-denominated systems.

Ukrainian strikes: disruptive but not decisive

Ukraine’s drone campaign against Russian energy infrastructure has been genuinely effective at a tactical level. The Taman terminal, a critical facility for oil-product exports, saw its output slashed by more than half during the strikes in mid-May. But the 2% revenue increase in May happened despite the attacks, not in their absence.

What this means for investors

The A7A5 stablecoin’s volume trajectory is the most significant signal here for crypto markets. Regulators in the US and EU are already scrutinizing stablecoins through the lens of financial crime and sanctions compliance. The A7A5’s success gives them a concrete example to point to when arguing for tighter controls.

With 48% of seaborne oil moving outside conventional insurance and tracking systems, the potential for a major maritime incident and the price shock that would follow remains elevated.