Moscow (The Times Groupe)- Russia has earned billions from energy exports as Russian fossil fuel exports totaled $98 billion during the first 100 days of invasion of Ukraine, most of it going to the European Union.
As Kiev calls on the West to cut off all trade with Russia in an attempt to cut off the Kremlin’s financial lifeline, the Centre for Research on Energy and Clean Air (CREA) released its report on Monday.
Earlier this month, the EU agreed to stop the bulk of Russian oil imports, which heavily rely on the continent. Though the bloc aims to cut gas shipments by two-thirds this year, an embargo is not on the horizon at the moment.
In the first 100 days of the conflict, the EU took 61 percent of Russia’s fossil fuel exports, worth about $60 billion.
China imported $13.2 billion, Germany $12.7 billion, and Italy $8.2 billion.
The sale of crude oil accounts for 48.2 billion dollars of Russia’s fossil fuel revenues, followed by the sale of pipeline gas, oil products, and liquefied natural gas (LNG).
Russian exports plummeted in May due to the conflict in Ukraine, but the global increase in fossil fuel prices continued to fill the Kremlin’s coffers, with export revenues reaching record highs.
CREA reports that Russia’s average export prices were 60 percent higher than last year.
China, India, the United Arab Emirates, and France have increased their purchases from Moscow, according to the report.
“With the EU considering stricter sanctions against Russia, France has increased its imports to become the world’s largest buyer of LNG,” says CREA analyst Lauri Myllyvirta.
Since most of these are spot purchases rather than long-term contracts, France is consciously deciding to use Russian energy in the wake of Moscow’s incursion of Ukraine, Myllyvirta added.
He called for an embargo on Russian fossil fuels to “align words and actions”.