Russia made $98 billion in fuel exports in 100 days of war with Ukraine: report

The image taken on May 9, 2022 shows equipment operated by GCA (Gas Connect Austria) and TAG (Trans Austria Gas Pipes) at one of the largest gas interconnection hubs in Europe in Baumgarten an der March, Lower Austria. – The facility mainly receives Russian imports, but also receives gas supplies from Norway and some other countries. These shipments are redirected to consumption centers in Austria and Europe through a series of pipeline systems running in different directions. The hub in Baumgarten consists of receiving, measuring and testing equipment. (Photo by JOE CLAMAR/AFP)

PARIS, France (AFP). Russia made 93 billion euros ($98 billion) from fossil fuel exports in the first 100 days of the war in Ukraine, with most of it going to the European Union, according to a study released on Monday.

The report by the independent Finnish Center for Energy and Clean Air Research (CREA) comes amid Kyiv’s calls for the West to sever all trade relations with Russia in hopes of cutting the Kremlin’s financial path.

Earlier this month, the EU agreed to stop most imports of Russian oil, on which the continent is heavily dependent. While the bloc is aiming to cut gas supplies by two-thirds this year, no embargo is currently planned.

In the first 100 days of the war, the EU accounted for 61 percent of Russia’s fossil fuel exports, worth about 57 billion euros ($60 billion), according to the report.

The largest importers were China (12.6 billion euros), Germany (12.1 billion) and Italy (7.8 billion).

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

The image taken on May 9, 2022 shows equipment operated by GCA (Gas Connect Austria) and TAG (Trans Austria Gas Pipes) at one of the largest gas interconnection hubs in Europe in Baumgarten an der March, Lower Austria. – The facility mainly receives Russian imports, but also receives gas supplies from Norway and some other countries. These shipments are redirected to consumption centers in Austria and Europe through a series of pipeline systems running in different directions. The hub in Baumgarten consists of receiving, measuring and testing equipment. (Photo by JOE CLAMAR/AFP)

Even as Russian exports plummeted in May and countries and companies withdrew their supplies due to the invasion of Ukraine, the global rise in fossil fuel prices continued to fill the Kremlin’s coffers, and export revenues reached an all-time high.

Average export prices in Russia were about 60 percent higher than last year, according to CREA.

Some countries have increased their purchases from Moscow, including China, India, the United Arab Emirates and France, the report said.

“As the EU considers tougher sanctions against Russia, France has boosted its imports to become the world’s biggest LNG buyer,” said CREA analyst Lauri Müllivirta.

Since most of these purchases are spot rather than long-term contracts, Mylluwirta said, France deliberately chooses to use Russian energy after Moscow’s invasion of Ukraine.

He called for an embargo on Russian fossil fuels to “match actions with words.”


© Agence France-Presse