The sharp rise in energy prices is benefiting Russia, which has posted an estimated gain of 158 billion euros over the past six months, according to an expert report published on Monday.
Significant gains. Since the start of the war in Ukraine on February 24, 2022, Russia has faced a wave of international sanctions. However, Moscow has managed to generate stronger revenue from the rise in fossil fuel prices.
According to a report by the Research Center for Energy and Clean Air (CREA) published on Monday, September 5, “rising fossil fuel prices mean that Russia’s current income is well above previous years, despite the drop in export volumes”.
According to the Finland-based center, between February 24 and August 24, “fossil fuel exports contributed 43 billion euros to the Russian state budget.”
BREAKING: Russia raked in €93 billion in fossil fuel exports in the first 100 days of invading Ukraine. Of this, the EU imported 61% worth around EUR 57 billion.
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— Energy and Clean Air Research Center (@CREACleanAir) June 13, 2022
Before China and Turkey
According to the authors of the survey, the European Union is the leading importer of Russian fossil fuels during this period with an estimated amount of 85.1 billion euros out of the 158 billion euros made in Ukraine since the start of the war. ahead of China and Turkey.
However, the report assures that the various sanctions and the embargo are hurting Russia, which has found no other buyers.
Finally, the CREA calls for the adoption of stricter measures against Russia, which currently manages to export to third countries thanks to “the use of European ships and ports”.
The European Union has decided on a gradual embargo on its imports of Russian oil and oil products. It’s also halted its coal purchases, but Russian gas, on which it’s heavily dependent, isn’t worried right now.