In the coming weeks, the EU will decide whether to phase out its remaining Russian fossil fuel imports by early 2027 — or give itself another year. Whichever deadline it sets, the bloc will face a difficult path to get there. It will have to overcome resistance from some capitals and secure new sources to replace the billion euros' worth of Russian oil and gas still flowing to the EU each month. The EU has made substantial progress in reducing its long-standing reliance on Russian energy since

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