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Russia made £79.4bn in first 100 days of war in Ukraine selling oil and gas to world | world news

Russia earned 93bn euros (£79.4bn) in the first 100 days of war against Ukraine by selling its fossil fuels to countries around the world.

The staggering total came despite a significant drop in export volumes in May as the international community tried to lessen Moscow’s dependence on oil and gas.

According to a report by the Center for Research on Energy and Clean Air (CREA), the EU received 61% of the Russiafossil fuel exports.

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And even though Russian oil is sold at a discount because of its origin, a global increase in demand for fossil fuels and soaring energy prices have always been lucrative for President Vladimir Putin’s regime, helping to finance its invasion of Ukraine.

A view of the Lakhta Center business tower, the headquarters of Russian gas monopoly Gazprom in Saint Petersburg, Russia, Wednesday, April 27, 2022, with a sign reading
Image:
Headquarters of Russian gas giant Gazprom in Saint Petersburg, Russia

CREA Senior Analyst Lauri Myllyvirta said of the current international sanctions against Moscow: “Progress to date is far too slow given Ukraine’s urgent need for support. Much stronger action is needed. to cut off the flow of money to Russia.

“Globally, we need to accelerate the deployment of clean energy to displace fossil fuel imports and mitigate the high fuel prices that are driving up Russia’s revenues.”

The EU has pledged to block most Russian oil imports by the end of the year as it struggles to agree on how and when to end its reliance on Russian gas.

Yet Poland and America had the biggest impact on Russia’s income by drastically reducing imports, along with countries like Lithuania, Finland and Estonia.

According to CREA research, India, France, China, the United Arab Emirates and Saudi Arabia have all increased their imports, with India buying 18% of crude oil exports from Russia, and France the largest buyer of liquefied natural gas and short-term discount oil cargoes. forward market.

Mr Myllyvirta said: “Russian oil exports to new markets are made possible by Greek and European shipping companies.

“As Russian oil is shipped to markets further afield, more tanker capacity than ever is needed for transportation.

“80% of tankers carrying Russian oil to India and the Middle East, for example, are owned by Europeans or Americans.

“That should be the next focus for EU action.”

CREA, which focuses on environmental and air pollution issues, conducted its research by tracking cargo vessels, shipping data, pipeline flows and estimating the value of imports using its own pricing models.

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Post expires at 8:12pm on Thursday June 23rd, 2022