# Is Sri Lanka helping Russia? What the money flows show

Sri Lanka's support for Ukraine since 2022: −€8m (<0.01% of one year's GDP: its aid, refugee hosting, private donations and its other parts of support, net of money flowing back). Russia kept €690m (0.86% of GDP) more than without the war, mostly Russian crude in fuel bought from refiners elsewhere (€361m of €690m). The net is 0.87% of a year's GDP toward Russia (likely 0.54% to 1.2% toward Russia; very likely · >99%).

[Open in the map →](https://warbalance.org/#LKA)

Toward Russia by

0.87% of a year's GDP since 2022

very likely · >99%

likely 0.54% to 1.2% toward Russia · €698m · ≈ 0.19%/yr

Bought less from Ukraine than without the war + raised Russia's earnings from trade = 0.87% of GDP toward Russia. Mostly toward Russia (mostly Russian crude in fuel bought from refiners elsewhere).

Chance toward Russia: >99%; 100% of the other method choices agree.

Support for Ukraine

Bought less from Ukraine than without the war; below zero by

<0.01%

€8m

likely from 0.09% below zero to <0.01% above zero essentially zero

Russia's earnings from trade

Raised Russia's earnings from trade by

0.86%

€690m

likely 0.53% to 1.2% toward Russia very likely · >99%

Russia kept €690m (0.86% of GDP) more than without the war, mostly Russian crude in fuel bought from refiners elsewhere (€361m of €690m).

- Russia's gain: Russia kept 0.87% of GDP more (€700m; likely 0.54% to 1.2% toward Russia)
- Sri Lanka's own gain from trade with Russia: Sri Lanka kept 0.01% of GDP less from its trade with Russia (€10m; likely from 0.07% toward Russia to 0.04% toward Ukraine)

The two lines add up to Russia's earnings from trade; their ranges do not.

## Its story in short

- War-time fuel prices Russia kept €115m (0.14% of GDP) more because fuel prices rose with the war.
- Mostly from fuel buying Orange here is mostly fuel buying, not siding with Russia. Most of this is fuel and food bought from Russia. Fuel is fungible and sold through many traders: the figure reflects what this economy bought, not a policy toward Russia or Ukraine.

## What makes up the number

Bought less from Ukraine than without the war; below zero by <0.01% · €8m

| Ukraine kept less from sales hereC | −<0.01% | €8m |
| --- | --- | --- |

Raised Russia's earnings from trade by 0.86% · €690m

| Russia kept more from its oil bought via other countriesC | −0.45% | €361m |
| --- | --- | --- |
| Russia kept more from fuel and goods sold hereC | −0.30% | €239m |
| Russia kept more from war-time fuel pricesC | −0.14% | €115m |
| Its firms paid Russia less taxD | +0.02% | €15m |
| Sri Lanka's companies made less profit in RussiaD | +0.01% | €9m |
| Sri Lanka kept less from selling to RussiaC | +<0.01% | €1m |

+ toward Ukraine, − toward Russia (in support for Ukraine, − is money it earned back or bought less from Ukraine than without the war). Letters: A reported, B measured estimate, C modelled estimate, D rough indication.

## By year

The year with the largest net amount was 2022: −€0.25bn.

| Year | Support for Ukraine | Trade: toward Ukraine (+) / toward Russia (−) | Net | Net since 2022 |
| --- | --- | --- | --- | --- |
| [2022](https://warbalance.org/ukraine-aid-2022/) | −€1m | −€249m | −€250m | −0.31% |
| [2023](https://warbalance.org/ukraine-aid-2023/) | −€1m | −€162m | −€163m | −0.52% |
| [2024](https://warbalance.org/ukraine-aid-2024/) | −€2m | −€142m | −€144m | −0.70% |
| [2025](https://warbalance.org/ukraine-aid-2025/) | −€2m | −€62m | −€64m | −0.78% |
| [2026](https://warbalance.org/ukraine-aid-2026/)\* | −€1m | −€76m | −€77m | −0.87% |

Each year's amount: + toward Ukraine, − toward Russia. \*2026: to August.

## Support for Ukraine by type

Sri Lanka's support for Ukraine, 2022 to August 2026, split by type. The parts add up to the map's figure.

| Military aid | – |
| --- | --- |
| Private donations and purchases | −€8m |
| Support for Ukraine (the map's figure) | −€8m |

Quality of the split: D No military aid on record outside Kiel's tracker; this does not mean that no military aid was given.

[Military aid to Ukraine, every country →](https://warbalance.org/military-aid-to-ukraine-by-country/)

## Trade with Russia before and after

It bought €0.14bn from Russia in 2021 and €0.34bn in 2025 (+148%). It sold €0.14bn to Russia in 2021 and €0.14bn in 2025 (−1%). Before the war (2018–2021), fuel was 7.1% of what it bought from Russia. For Sri Lanka: €115m paid above no-war prices, most of it in 2023. These are sales values at each year's prices; the totals count what the seller kept on them.

## What it bought from Russia, by fuel

Sri Lanka's purchases from Russia, 2022 to August 2026, by fuel: by its own customs records (CIF), on the map's basis (the Russian border price, FOB) and by CREA's tracker (ship data). The map's figure is the total on the map's basis.

| Fuel | Customs (CIF) | Map basis (FOB) | Tracker (CREA) | Quality |
| --- | --- | --- | --- | --- |
| Crude oil | €0.33bn | €0.28bnrange €0.21bn to €0.37bn | €0.28bn | A |
| Oil products | €0m | €0m | €54m | – |
| Coal | €0.90bn | €0.84bnrange €0.62bn to €1.1bn | €0.63bn | C (estimate) |
| Other goods | €0.57bn | €0.53bn | – | – |
| All goods | €1.8bn | €1.7bn | – | – |

Quality by year: 2022: A, 2023: A, 2024: A, 2025: A, 2026, January to August: C. C and D are estimates.

[Every buyer, by fuel →](https://warbalance.org/russian-oil-gas-buyers/#by-fuel)

## Sanctions on Russia

We found no sanctions of Sri Lanka's own against Russia (checked 27 October 2026). This says nothing about whether firms there follow other countries' sanctions. Russia's list of “unfriendly” states does not name Sri Lanka. Checked 27 October 2026.

[Every country's sanctions on Russia →](https://warbalance.org/countries-with-sanctions-on-russia/#LKA)

## The cost of switching away from Russian energy

Russian oil bought at a war-time discount saved it about €47m. This is not in the totals: shown for information.

## Indirect channels: hubs, refined oil, shipping

Russia kept more from its oil bought via other countries: €0.36bn (0.45% of one year's GDP).

## Compared with its neighbours and groups

In the map's ranking: number 15 of 32 economies toward Russia, as a share of GDP.

### In its region, with the same chance and direction: the nearest net shares of GDP

| Country | Net, % of GDP |
| --- | --- |
| [China](https://warbalance.org/country/china/) | −0.75% · −€128bn · very likely · >99% |
| [Malaysia](https://warbalance.org/country/malaysia/) | −0.64% · −€2.5bn · very likely · 99% |
| [Maldives](https://warbalance.org/country/maldives/) | −0.41% · −€25m · very likely · >99% |
| [Fiji](https://warbalance.org/country/fiji/) | −0.35% · −€18m · very likely · >99% |

## How the number is backed

22 sources back its parts: 5 official statistics, 2 research reports, 0 press reports and 2 of this project's own estimates, plus 13 method inputs. By size, 0% of its parts are reported or measured (A–B), 97% modelled (C) and 3% rough indications (D).

### Data coverage

- Aid to Ukraine: estimated no record found: 0, with a small upper bound
- Private donations: estimated national totals or a GDP-based estimate
- Services trade with Russia: estimated Eurostat, OECD-WTO and Bank of Russia data
- Refugee hosting: reported no refugees from Ukraine recorded
- Bought from Russia: reported reported 2021-2025
- Sold to Russia: estimated partner data plus an estimate of goods reaching Russia via third countries
- Bought from Ukraine: reported reported 2021-2025
- Sold to Ukraine: reported reported 2021-2025
- Energy switching cost: estimated modelled per fuel and month
- Company taxes in Russia: estimated allocated by company counts and investment

### Sources, by part

### Russia kept more from its oil bought via other countries C

- official · [Fuel made from Russian crude, measured from the buyers' own records: India's and the buyers' monthly customs (UN Comtrade), Türkiye's crude by origin (EPDK), EU refiners' Russian crude (Eurostat), US imports (EIA), Cyprus's and Malta's energy imports by consigning country (Eurostat), Australian Petroleum Statistics](https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/nrg\_ti\_oil?geo=CY&geo=MT&siec=O4000&unit=THS\_T)
- official · [Fuel made from Russian crude, measured per buyer: the buyer's own customs imports of fuel by origin (UN Comtrade, DGCI&S) x the Russian share of each origin's crude (customs; CREA and KSE Institute refinery data) x crude content](https://comtradeapi.un.org/public/v1/preview/C/A/HS)

### Russia kept more from fuel and goods sold here C

- official · [UN Comtrade, IMF trade statistics and Eurostat: goods trade with Russia and Ukraine](https://comtradeapi.un.org/public/v1/preview/C/A/HS?period=2024&partnerCode=643&flowCode=M&cmdCode=TOTAL&customsCode=C00&motCode=0&partner2Code=0)

### Russia kept more from war-time fuel prices C

- own estimate · [War-time price windfall on Russian fuel: payments minus the same volume at the prices a no-war market expected (pre-invasion forecasts and futures: IMF, World Bank, EIA, ECB, ICE)](https://www.imf.org/-/media/files/publications/weo/2022/update/january/english/text.pdf)
- research · [Tanker shipping, insurance and ship sales serving Russian oil and LNG exports: CREA, KSE Institute, S&P Global, Windward, press reports](https://sanctions.kse.ua/wp-content/uploads/2026/08/ROT\_July-2026.pdf)

### Its firms paid Russia less tax D

- research · [Company taxes in Russia: KSE checked against company reports (Raiffeisen, UniCredit, OTP, PepsiCo) and Bundesbank reinvested earnings](https://www.rbinternational.com/content/dam/rbi/ho/investors/results-reports/annual-reports/rbi/2025-02-25%202024%20RBI%20Annual%20Financial%20Report.pdf.coredownload.pdf)

### Sri Lanka's companies made less profit in Russia D

- official · [Profits of foreign companies in Russia and foreign partners' income from Russian oil and gas: KSE Institute / B4Ukraine #LeaveRussia, OECD direct-investment income by partner, company reports](https://kse.ua/wp-content/uploads/2024/09/ENG\_What-are-the-financial-results-of-foreign-business-in-Russia-in-2023\_final.pdf)

- official · [Fuel made from Russian crude, measured from the buyers' own records: India's and the buyers' monthly customs (UN Comtrade), Türkiye's crude by origin (EPDK), EU refiners' Russian crude (Eurostat), US imports (EIA), Cyprus's and Malta's energy imports by consigning country (Eurostat), Australian Petroleum Statistics](https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/nrg\_ti\_oil?geo=CY&geo=MT&siec=O4000&unit=THS\_T)
- official · [Fuel made from Russian crude, measured per buyer: the buyer's own customs imports of fuel by origin (UN Comtrade, DGCI&S) x the Russian share of each origin's crude (customs; CREA and KSE Institute refinery data) x crude content](https://comtradeapi.un.org/public/v1/preview/C/A/HS)
- method input · [Price levels of what was traded with Russia and Ukraine (2019-2021 = 1): each buyer's own customs unit values per fuel and for other goods, benchmark indices (CREA, World Bank, Eurostat), gas contract prices; oil at the Russian port (FOB), outliers screened](https://comtradeapi.un.org/public/v1/preview/C/A/HS?period=2023&partnerCode=643&cmdCode=TOTAL&flowCode=M)
- method input · [Russia's net gain per euro of exports (taxes plus profit above a normal return): Russian Finance Ministry, company reports, IEA, Rosstat](https://minfin.gov.ru/ru/statistics/fedbud/oil)
- official · [UN Comtrade, IMF trade statistics and Eurostat: goods trade with Russia and Ukraine](https://comtradeapi.un.org/public/v1/preview/C/A/HS?period=2024&partnerCode=643&flowCode=M&cmdCode=TOTAL&customsCode=C00&motCode=0&partner2Code=0)
- method input · [Expected trade without the war: models back-tested on 2008, 2013 and 2016 against holding 2021 flat (UN Comtrade, World Bank WDI and commodity prices, UN voting)](https://comtradeapi.un.org/public/v1/preview/C/A/HS?period=2021&partnerCode=643&flowCode=X&cmdCode=TOTAL)
- method input · [Ranges of the 2022-2026 total measured on the back-tests' cumulative errors; own bands tested on their own history for Mongolia, Yemen, Tajikistan, Moldova, Türkiye, Kenya, Peru and French Polynesia](https://comtradeapi.un.org/public/v1/preview/C/A/HS?reporterCode=498&period=2019&flowCode=M&partnerCode=643&cmdCode=99,2711,27,31,TOTAL)
- method input · [net-gain shares from official sector profitability (Russia: FNS/Rosstat by OKVED-2 activity; Ukraine: Derzhstat by KVED division), export duties collected and company results](https://www.consultant.ru/document/cons\_doc\_LAW\_55729/df3929054ebc0ff6d666accad51e6fedca8c75fe/)
- method input · [refugee hosting budgets, remittance mirror shares, national donation totals, Hong Kong gold 2026 and OECD ITIC freight margins](https://www.oecd.org/content/dam/oecd/en/publications/reports/2022/10/international-migration-outlook-2022\_140ace0e/30fe16d2-en.pdf)
- own estimate · [War-time price windfall on Russian fuel: payments minus the same volume at the prices a no-war market expected (pre-invasion forecasts and futures: IMF, World Bank, EIA, ECB, ICE)](https://www.imf.org/-/media/files/publications/weo/2022/update/january/english/text.pdf)
- research · [Tanker shipping, insurance and ship sales serving Russian oil and LNG exports: CREA, KSE Institute, S&P Global, Windward, press reports](https://sanctions.kse.ua/wp-content/uploads/2026/08/ROT\_July-2026.pdf)
- research · [Company taxes in Russia: KSE checked against company reports (Raiffeisen, UniCredit, OTP, PepsiCo) and Bundesbank reinvested earnings](https://www.rbinternational.com/content/dam/rbi/ho/investors/results-reports/annual-reports/rbi/2025-02-25%202024%20RBI%20Annual%20Financial%20Report.pdf.coredownload.pdf)
- method input · [Pre-war trends for services (OECD-WTO BaTiS, Eurostat, Bank of Russia), foreign companies in Russia and Russian seaborne exports](https://sdmx.oecd.org/public/rest/data/OECD.SDD.TPS,DSD\_BATIS@DF\_BATIS,1.0/.RUS...S...?startPeriod=2010&endPeriod=2021)
- official · [Profits of foreign companies in Russia and foreign partners' income from Russian oil and gas: KSE Institute / B4Ukraine #LeaveRussia, OECD direct-investment income by partner, company reports](https://kse.ua/wp-content/uploads/2024/09/ENG\_What-are-the-financial-results-of-foreign-business-in-Russia-in-2023\_final.pdf)
- method input · [Expected trade with Ukraine without the war: rolling back-tests on Ukraine's own history and on analogue partners (IMF WEO vintages, IMF DOTS)](https://db.nomics.world/IMF/DOT)
- method input · [Ukraine's net gain per euro of exports (taxes plus profit above a normal return): Ukrstat, company reports, KSE Institute](https://stat.gov.ua/sites/default/files/2026-09/yearbook\_24e.pdf)
- own estimate · [Purchases from Ukraine against what Ukraine could export: Ukraine's exports by product group and partner (UN Comtrade, State Customs Service of Ukraine), ECB exchange rates](https://comtradeapi.un.org/public/v1/preview/C/A/HS)
- official · [GDP gaps (UNSD, UN WPP, CEPAL), Russia's import gap by country of origin, Hong Kong gold composition](https://population.un.org/wpp/assets/Excel%20Files/1\_Indicator%20%28Standard%29/EXCEL\_FILES/1\_General/WPP2024\_GEN\_F01\_DEMOGRAPHIC\_INDICATORS\_COMPACT.xlsx)
- method input · [Checks against national and trade statistics: UAE gold and fuel, undisclosed aid, Russia's import-statistics gap, trend windows, border-priced imports](https://www.swissaid.ch/en/media/united-arab-emirates-more-than-ever-a-hub-for-conflict-gold/)
- method input · [Genuinely extra share of money earned: production ramp-ups and trade-redirection studies; value kept in the economy (the earlier rule): OECD Trade in Value Added (TiVA, 2025 edition)](https://sdmx.oecd.org/sti-public/rest/data/OECD.STI.PIE,DSD\_TIVA\_MAINSH@DF\_MAINSH,1.1/EXGR\_DVA..BTE+C+C19+C25+C26+C28+C302T309+GTN+H50+I.W.PT\_EXGR.A?startPeriod=2018&format=csv)
- method input · [Sellers' net gain per euro of sales (taxes on production plus profit above a normal return of 5% a year above inflation after company tax, plus the country's risk premium): OECD STAN database, 2025 edition, by country and industry; Damodaran country risk premiums](https://sdmx.oecd.org/public/rest/data/OECD.STI.PIE,DSD\_STAN@DF\_STAN\_2025,1.0/A..C+C19+C25+C252+C26+C28+C30+C303+C304+H50+I+GTN+K+K65+\_T.P1+D29X39+B2A3N+B2A3G+P51C+D1.V.XDC?startPeriod=2017&endPeriod=2024&format=csv)
- method input · [money-rule and cost-view constants from data: firm-level redirection studies, Kiel item coding of EU-level military aid, lenders' funding costs, EU, UK and Canadian estimates of duties waived](https://web.archive.org/web/20230606033537/https://repec.iza.org/dp16146.pdf)

## Questions

### Is Sri Lanka helping Russia?

In money terms the net is −0.87% of one year's GDP (likely 0.54% to 1.2% toward Russia; very likely · >99%). Chance toward Russia: >99%; 100% of the other method choices agree. Russia kept €690m (0.86% of GDP) more than without the war, mostly Russian crude in fuel bought from refiners elsewhere (€361m of €690m). Most of this is fuel and food bought from Russia. Fuel is fungible and sold through many traders: the figure reflects what this economy bought, not a policy toward Russia or Ukraine. The number counts money: weapons at their money value; votes, diplomacy and intent are not in it.

### Does Sri Lanka trade with Russia?

It bought €0.34bn from Russia in 2025 (€0.14bn in 2021), and sold €0.14bn to Russia. What counts here is the change in what Russia kept from that trade (taxes and profit, not sales) against a world without the war: Russia kept €690m (0.86% of GDP) more than without the war, mostly Russian crude in fuel bought from refiners elsewhere (€361m of €690m).

### Where do the numbers for Sri Lanka come from?

22 sources back its parts, 5 of them official statistics. By part: Russia kept more from its oil bought via other countries: [Fuel made from Russian crude, measured from the buyers' own records: India's and the buyers' monthly customs (UN Comtrade), Türkiye's crude by origin (EPDK), EU refiners' Russian crude (Eurostat), US imports (EIA), Cyprus's and Malta's energy imports by consigning country (Eurostat), Australian Petroleum Statistics](https://ec.europa.eu/eurostat/api/dissemination/statistics/1.0/data/nrg\_ti\_oil?geo=CY&geo=MT&siec=O4000&unit=THS\_T); Russia kept more from fuel and goods sold here: [UN Comtrade, IMF trade statistics and Eurostat: goods trade with Russia and Ukraine](https://comtradeapi.un.org/public/v1/preview/C/A/HS?period=2024&partnerCode=643&flowCode=M&cmdCode=TOTAL&customsCode=C00&motCode=0&partner2Code=0); Russia kept more from war-time fuel prices: [War-time price windfall on Russian fuel: payments minus the same volume at the prices a no-war market expected (pre-invasion forecasts and futures: IMF, World Bank, EIA, ECB, ICE)](https://www.imf.org/-/media/files/publications/weo/2022/update/january/english/text.pdf). The map's panel lists every one, with its documents.

### Does Sri Lanka have sanctions on Russia?

We found no sanctions of Sri Lanka's own against Russia (checked 27 October 2026). This says nothing about whether firms there follow other countries' sanctions. Russia's list of “unfriendly” states does not name Sri Lanka.

## Nearby in the ranking

Toward Russia · number 15 of 32

17. [China](https://warbalance.org/country/china/) · −0.75% · Toward Russia · −€128bn
- [Cook Islands](https://warbalance.org/country/cook-islands/) · −0.84% · Toward Russia · −€3m
16. [Mauritius](https://warbalance.org/country/mauritius/) · −0.86% · Toward Russia · −€112m
15. Sri Lanka−0.87% · Toward Russia · −€698m
14. [Ghana](https://warbalance.org/country/ghana/) · −0.92% · Toward Russia · −€678m
13. [Tanzania](https://warbalance.org/country/tanzania/) · −1.1% · Toward Russia · −€821m
12. [Oman](https://warbalance.org/country/oman/) · −1.4% · Toward Russia · −€1.4bn

## More about Sri Lanka

### Its parts, ranked against other countries

- [Russia's gain from war-time fuel prices](https://warbalance.org/russia-war-time-fuel-prices/)
- [Company taxes paid in Russia](https://warbalance.org/company-taxes-paid-in-russia/)
- [Company profits in Russia](https://warbalance.org/company-profits-in-russia/)

### Every country, by year

- [2022](https://warbalance.org/ukraine-aid-2022/)
- [2023](https://warbalance.org/ukraine-aid-2023/)
- [2024](https://warbalance.org/ukraine-aid-2024/)
- [2025](https://warbalance.org/ukraine-aid-2025/)
- [2026](https://warbalance.org/ukraine-aid-2026/)
- [All topics](https://warbalance.org/topics/)

22 sources in all; the map's panel lists every one, with its documents. [Open in the map](https://warbalance.org/#LKA) · [How this is measured](https://warbalance.org/how-it-works/)

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Cite as: War Balance, figures to August 2026, https://warbalance.org/country/sri-lanka/