According to the Center for Energy and Clean Air Research (CREA), Russia currently earns more than $551 million a day from the sale of oil and gas, despite attempts by the U.S., EU, and other countries to limit its revenue from fossil fuel exports.

However, CREA analysts predict that the ceiling of Russian oil prices may be lowered to $30 per barrel in the future, which could lead to a drop in Russia’s fossil fuel revenue to $340 million a day. Europe may also completely abandon LNG and pipeline oil supplies from Russia, further reducing its revenue.

Russia’s current fossil fuel revenues are only slightly below what the country was earning on average in May 2021, despite some countries boycotting Russian raw materials. The EU has banned maritime imports of Russian oil and oil products, but EU countries continue to import Russian oil and gas via pipeline or in the form of LNG.