As European natural gas prices rise yet again, data suggest Russia’s gains from global energy market volatility are blunting the impact of sanctions on its exports.

In a study from the Centre for Research on Energy and Clean Air (CREA), an international research group based in Finland, researchers concluded record-high energy prices are helping Russia fund its invasion of Ukraine despite falling export volumes.

CREA calculated that Russia’s exports of oil, gas, coal and other fossil fuel products dropped 15% in May compared to its exports before the late February invasion of Ukraine. That reduced demand cost the country about $208 million/day during the month of May. At the same time, Russia’s average export prices rose 60% higher than the same time last year, despite a...