Russia has raked in $158billion in energy exports since Ukraine invasion began
Russia has brought in $158 billion in energy exports since the invasion of Ukraine began – well ABOVE previous years – with the EU accounting for more than half
- Prices have risen to record levels in Europe as Russia halted deliveries
- Center for Energy and Clean Air Research calls for more effective sanctions
- Fossil fuel exports have contributed €43 billion to Russia’s federal budget
- CREA said the EU’s ban on Russian coal imports has been effective
Russia has brought in $158 billion in energy exports since the invasion of Ukraine began — far more than previous years, with the EU accounting for more than half.
Natural gas prices have risen to record levels in Europe as Russia has halted supplies.
The Center for Energy and Clean Air Research (CREA) called for more effective sanctions against Moscow to combat rising oil, gas and coal prices resulting from the invasion.
CREA said: “Fossil fuel exports have contributed about €43 billion to Russia’s federal budget since the invasion began, funding war crimes in Ukraine.”
The CREA estimated that at the time, the European Union was the largest importer of Russian exporters of fossil fuels at EUR 85.1 billion.
China followed with 34.9 billion euros and Turkey followed with 10.7 billion euros.
Within the EU, Germany was the largest importer, purchasing €19 billion worth of fossil fuels from Russia over the six-month period.
These figures refer to the six months after Russia first invaded Ukraine on February 24.
The Center for Energy and Clean Air Research (CREA) called for more effective sanctions against Moscow to combat rising oil, gas and coal prices resulting from the invasion. Pictured: a tanker with a cargo of natural gas (file image)
CREA said: ‘Rising fossil fuel prices mean that Russia’s current revenues are well above previous years’ levels, despite this year’s reduction in export volumes.’
According to the report, Russia’s export volume fell by 18 percent.
The price of crude oil has also risen as a result of the invasion, although they have since retreated.
The EU has cut imports from Russia by 35 percent since the start of the war.
It has stopped buying Russian coal, which the CREA says has been effective.
Russian coal exports fell to their lowest level since the war began after the ban went into effect.
The CREA said: “Russia could not find other buyers to replace falling demand in the EU.”
However, it has called for stricter rules and enforcement regarding Russia’s oil exports and urged the EU and the UK to use their influence in global shipping.
The CREA added: “The EU should ban the use of European-owned ships and European ports to ship Russian oil to third countries, while the UK should stop allowing its insurance industry to participate in this trade.”
The price of crude oil has also risen as a result of the invasion, although they have since retreated. Pictured: A tanker at a terminal in Nakhodka (file image)
The EU is only gradually banning oil from the same country and has not introduced restrictions on the import of natural gas, on which it is heavily dependent.
But Russia itself has sharply cut natural gas supplies to the EU, signaling this week they would not resume unless Western sanctions are lifted.
Meanwhile, countries in the G7 vowed on Friday to continue to impose a price cap on crude oil from Russia, a measure that would deprive Russia of much of its revenue from oil exports.
The United States has been calling for a price cap for months, arguing that Western bans on Russian energy products contributed to the price hikes that helped Moscow fund its war effort.
German Economy Minister Robert Habeck said yesterday that his country does not expect to resume gas imports from Russia.
Meanwhile, India and China imported significantly more coal and crude oil from Russia in July and August than in February and March, the group said.