May 2026 — Monthly analysis of Russian fossil fuel exports and sanctions in Freight News 12/06/2026 Key findings In May 2026, Russia’s fossil fuel export revenues increased by 2% month-on-month to EUR 726 mn per day despite export volumes remaining roughly the same as in April. Russia’s crude oil export revenues grew marginally by 1% month-on-month to EUR 362 mn per day, while volumes increased by 8%. Crude oil loadings at Russia’s fourth-largest export port, Ust-Luga, rose 49% month-on-month after a period of reduced exports following repeated Ukrainian drone strikes on Russia’s export infrastructure in March and April 2026. A significant 53% month-on-month decline in oil product exports was recorded at Taman, one of Russia’s key Black Sea ports, following drone strikes in mid-May. In May 2026, Turkiye’s total seaborne crude imports saw a 28% month-on-month increase but a 22% decrease in imports from Russia, as the country imported more US crude than it had in the last two years combined. Flows through the Druzhba pipeline, which carries Russian crude oil to Hungary and Slovakia, resumed on 23 April after almost three months of inactivity, contributing to a 22% month-on-month increase in Russia’s pipeline oil export revenues. Ten shipments of oil products from refineries using Russian crude — and identified as high risk according to EU guidance — were unloaded at EU ports in the month of May. LNG loadings at Russia’s largest Yamal installation reached their highest level in 18 months. Despite a new UK ban, 99% of the EUR 4.4 bn in UK imports of oil products partially made from Russian crude between December 2022 and May 2026 — jet fuel and diesel — remain exempt from restrictions. EU imports of Russian LNG increased by 4% month-on-month in May 2026, despite the ban on short-term contract purchases taking effect on 25 April 2026, driven largely by Spain doubling its supply of Russian gas. In May 2026, 48% of Russia’s seaborne oil was transported by ‘shadow’ tankers