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Russia earned 93 billion euros from fossil fuel exports during the first 100 days of its war in Ukraine, a new report shows.
The European Union imported 61 percent of Russia’s fossil fuel exports during this period, according to a report by the Center for Energy and Clean Air Research (CREA).
Russia’s revenue from fossil fuels comes primarily from the sale of crude oil, followed by gas pipelines, oil products, liquefied natural gas (LNG) and coal.
The Finland-based organization’s report was released on June 13, as Kiev continues to urge the West to cut off all trade with Russia in hopes of cutting off its funding for the war.
The European Union last month agreed on a compromise agreement that cuts Russian oil imports by more than two-thirds, targeting Russian oil shipments from the sea, while temporarily excluding oil delivered from pipelines.
The CREA report says the global rise in oil prices means the Kremlin’s coffers continued to fill even though Russia’s exports fell during May.
Russia’s average export prices were about 60 percent higher than last year, helping Russia’s export earnings reach higher levels, according to CREA.
China, India, the United Arab Emirates and France are among the countries that have increased their purchases of these fossil fuels from Russia.
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