Summary: * Russia has earned 954 billion euros from exports of fossil fuels since the intensification of its war against Ukraine in 2022, 214 billion euros of which came from the EU * Oil and gas account for 30–50% of Russian budget revenue and 20% of gross domestic product (GDP) * China remained the largest buyer of Russian fossil fuels in August, accounting for 40% of exports; India was second, followed by Turkey (a NATO member) * A group of five EU states together spent 979 million euros

Russian companies are slashing dividend payments as lower oil prices and a stronger ruble weigh on profits, complicating the government’s efforts to finance higher spending on the country’s decade-long war against Ukraine. Interim dividends declared by Russian firms — many of which the state partly owns — for the first half of 2025 almost halved versus last year to 341.8 billion rubles ($4.09 billion), according to calculations by Russian business daily Kommersant, after lower commodity prices