Russia Earns Nearly $100 Billion From Fuel Exports In 100 Days Of War In Ukraine

Russia earned nearly $100 billion from the export of fossil fuels in the first 100 days of the war in Ukraine, research has found. The research found that most of the $98 billion in fossil fuels was sent to the European Union.

The study was carried out by the Center for Research on Energy and Clean Air (CREA), an independent group based in Finland. The study report came as Kyiv urges the West to sever all ties with Russia.

Europe is heavily dependent on Russian oil. Earlier this month, the EU agreed to stop most of these imports. Although the block aims to cut gas shipments by two-thirds this year, an embargo is not currently planned.

According to the research report, EU supply accounted for 61% of Russia’s fossil fuel exports during the first 100 days of the war in Ukraine. Exports amounted to $60 billion. China was the leading importer with 12.6 billion euros, Germany (12.1 billion) and Italy (7.8 billion).

Russia’s fossil fuel revenues come first from the sale of crude oil ($46 billion), followed by gas pipeline, petroleum products, liquefied natural gas (LNG) and coal.

Russia invaded Ukraine on February 24. Russian exports plunged in May as countries and companies moved away from buying. However, the global rise in the price of fossil fuels has benefited Russia.

The report adds that some countries like China, India, UAE and France have increased their purchases from Russia.

(With agency contributions)

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Russia Earns Nearly $100 Billion From Fuel Exports In 100 Days Of Ukraine Conflict