Since the start of its full-scale invasion of Ukraine, Russia has amassed a staggering €550 billion in revenue from fossil fuel exports.
This is evidenced by data Center for Research on Energy and Clean Air (CREA).
CREA estimates that European Union countries purchased more than €180 billion worth of fossil fuels from Russia during this period.
“The European Union’s imports of Russian fossil fuels have fallen steadily since late March, more than halving in value terms from pre-invasion levels. While the EU remains the largest importer of Russian fossil fuels, it is now only marginally larger than China,” CREA experts note.
Oil (crude and refined products) and gas (pipeline and LNG) account for the majority of this revenue.
Key oil importers: V September China was the largest importer of Russian oil (47%), followed by India (32%), EU (7%), Turkey (3%) and Brazil.
Key LNG importers: Since 5 December 2022, the EU has been the largest buyer of Russian LNG, accounting for 50% of all Russian LNG exports. The EU is followed by China (23%) and Japan (16%). In September, Russian LNG exports increased by 48% compared to the previous month.
Pipeline gas: The EU was the largest buyer in September, bought 41% of Russian pipeline gas, followed by Turkey (29%) and China (21%). From January to August 2023, the EU bought €4.9 billion worth of pipeline gas from Russia, becoming a huge source of income for the Kremlin.
Europe and the G7 countries play a significant role in the transportation of Russian oil. The percentage of tankers carrying crude oil from Russia that are subject to a price cap remained at approximately 50% in September, CREA added.
Economic truth
2023-11-15 18:50:28
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