Abstract A strong negative anomaly of seismic wave velocities at the core-mantle boundary (the Perm Anomaly) beneath the East European platform is attributed to the remnant of a deep mantle upwelling. The interaction between the upwelling and the East European lithosphere in the geological past and its resulting surface manifestations are still poorly understood. Using mantle plume modelling and global plate motion reconstructions, we show here that the East European lithosphere is likely to have been situated over the weakening Perm Anomaly upwelling for about 150–200 million years. As the East European platform moved above the Perm Anomaly in post-Jurassic times, the vertical tectonic movements recorded in sedimentary hydrocarbon-rich basins show either hiatus/uplift or insignificant subsidence. Analytical modelling of heat conduction through the lithosphere demonstrates that the basins have been slowly heated for a long time by the Perm Anomaly upwelling, creating suitable conditions for hydrocarbon maturation. This suggests a profound relationship between mantle plume dynamics, basin evolution, and hydrocarbon generation.