Despite lower sales and rising prices, Moscow made a profit of 93 billion euros in the first 100 days of the war.
Russia’s fossil fuel export revenues skyrocketed in the first 100 days of the war with Ukraine. Under Western sanctions, Moscow traded less in oil, natural gas and coal, but the rising prices flushed 93 billion euros into the Russian coffers.
The data comes from a study conducted by Crea (Center for Research on Energy and Clean Air), an independent organization that analyses, disseminates and proposes solutions to curb air pollution. Here is the full report (2 MB).
Crea considered data on Russia’s fossil fuel exports from February 24 when the war in Ukraine began to June 3, when the conflict ended 100 days.
According to the survey, the EU (European Union) imported 61% of the total and paid about 57 billion euros to the Kremlin during this period.
While Germany, as the largest importer of Russian oil, slightly reduced imports, China became the largest buyer.
The largest importers of Russian fossil fuels in the period were: China (12.6 billion euros), Germany (12.1 billion euros), Italy (7.8 billion euros), the Netherlands (7.8 billion euros), Turkey ( 6.7 billion euros), Poland (4.4 billion euros), France (4.3 billion euros) and India (3.4 billion euros).
Reproduction/Crea 06/13/2022 Major Russian fossil fuel importers in the first 100 days of war in Ukraine
India has become a major importer of Russian crude, buying 18% of the country’s exports. According to the study, a significant portion of the oil is reexported to places like the United States and Europe as refined petroleum products. “An important gap to be closed,” says the text.
Also according to Crea, of the total revenues, EUR 46 billion was generated from crude oil, EUR 24 billion from natural gas, EUR 13 billion from oil derivatives, EUR 5.1 billion from LNG (liquefied natural gas) and EUR 4.8 billion from coal.
“Import volumes fell slightly in May, by about 15% compared to the preinvasion period, as many countries and companies avoided Russian shipments,” the report pointed out.
Reproduction/Crea 06/13/2022 Estimate of Russian fossil fuel export earnings
According to the study, falling demand and price of Russian oil cost the country 200 million euros a day in May. However, the demand for fossil fuels has increased. “Average Russian export prices were, on average, 60% higher than last year, even after subtracting international prices,” the study said.
The organization proposes “strong sanctions against tankers with Russian oil” being transported to more distant regions. The Medita “would significantly limit the scope of this type of diversion of Russian exports.”