Russia has raked in $158 billion in energy exports since it began invading Ukraine — far MORE than in previous years — with the EU accounting for more than half
- Prices have risen to record levels in Europe as Russia cut supplies
- Center for Energy Research and Air Pollution Control called for more effective sanctions
- Fossil fuel exports contributed EUR 43 billion to the state budget of Russia
- CREA said the EU’s ban on Russian coal imports has been effective
Russia has raked in $158 billion in energy exports since it began invading Ukraine — far more than in previous years, with the EU accounting for more than half.
Natural gas prices have risen to record levels in Europe as Russia halted supplies.
The Energy and Clean Air Research Center (CREA) called for more effective sanctions against Moscow to combat soaring oil, gas and coal prices caused by the invasion.
CREA said: “Fossil fuel exports have contributed about €43 billion to Russia’s federal budget since the invasion began and helped finance war crimes in Ukraine.”
The CREA estimated that the European Union was the largest importer of Russian fossil fuel exporters during that period at €85.1 billion.
China followed with 34.9 billion euros and Turkey with 10.7 billion euros.
Within the EU, Germany was the largest importer, buying €19 billion worth of fossil fuels from Russia over the six months.
These numbers are for the six months after Russia first invaded Ukraine on February 24.
The Energy and Clean Air Research Center (CREA) called for more effective sanctions against Moscow to combat soaring oil, gas and coal prices caused by the invasion. Pictured: A tanker carrying natural gas (file image)
CREA said: “Rising fossil fuel prices mean Russia’s current revenues are well ahead of previous years’ levels, despite the decline in this year’s export volume.”
According to the report, Russia’s export volumes fell by 18 percent.
Crude oil prices also rallied due to the invasion, although they have since retreated.
The EU has reduced its imports from Russia by 35 percent since the war began.
It has stopped buying Russian coal, which CREA says has been effective.
Russian coal exports fell to their lowest level since the beginning of the war after the ban came into effect.
The CREA said: “Russia could not find other buyers to replace falling EU demand.”
However, it has called for tougher rules and enforcement on Russian oil exports and urged the EU and the UK to use their influence on global shipping.
The CREA added: “The EU must ban the use of European ships and European ports to transport Russian oil to third countries, while the UK must stop allowing its insurance industry to participate in this trade.”
Crude oil prices also rallied due to the invasion, although they have since retreated. Pictured: A tanker at a terminal in Nakhodka (file image)
The EU only gradually bans oil from the same country and has not imposed restrictions on imports of natural gas, on which it is heavily dependent.
But Russia itself has severely curtailed natural gas supplies to the EU, warning this week that they will not resume unless Western sanctions are lifted.
Meanwhile, G7 countries pledged on Friday to impose a price cap on Russian crude oil, a measure that would deprive Russia of much of its oil export earnings.
The United States has been pleading 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.
Germany’s Economics Minister Robert Habeck said yesterday that his country no longer counts on 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.