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Russia Earns $98 Billion From Fuel Exports During 100 Days of War in Ukraine: Report

The Russian invasion of Ukraine has crossed 100 days and the sanctions imposed by the United States and major European countries have caused a lot of damage to the Russian economy. With the current crisis, many countries have also decided to stop importing oil and natural gas from Russia. However, according to research by the Finland-based Center for Clean Air and Energy Research (CREA), Russia remains the top exporter of fossil fuels with $98 billion in total revenue since the start of the war. in Ukraine. The European Union remains the largest importer of Russian oil and natural gas.

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Before the start of the war in Ukraine, Russia accounted for 40% of the European Union’s gas and 27% of its imported oil. However, since the beginning of the crisis, the EU has taken measures to reduce their imports, but no complete ban has yet been imposed despite multiple requests from Ukraine.

The report claims that the EU accounted for 61% of total exports in the first 100 days of the war. Other importers were China, Germany, Italy, the Netherlands, Turkey and Poland.

The report also states that Russia’s revenue comes from crude oil ($48.2 billion), followed by gas pipeline ($25.1 billion), petroleum products ($13.6 billion), natural gas liquefied or LNG ($5.3 billion) and coal ($4.8 billion).

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Although the amount of oil and gas exported by Russia decreased during the period, it was counterbalanced by the authorities with higher prices. According to CREA, prices were almost 60 percent higher.

“India has become a major importer of Russian crude oil, buying 18% of the country’s exports,” CREA said, adding that a “significant share of the crude is re-exported as refined petroleum products.”

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Post expires at 11:39am on Thursday June 23rd, 2022