‘Russia earns €93 billion in fuel exports since war’ | Financial

This is reported by the independent Finnish research center for Energy and Clean Air (CREA). According to CREA’s research, the EU accounted for 61% of Russia’s fossil fuel exports worth about €57 billion during the period. At country level, China was the largest importer with €12.6 billion, followed by Germany with €12.1 billion and Italy with €7.8 billion.

Oil, LNG and Coal

Crude oil is Russia’s largest source of income at €46 billion, followed by pipeline gas, oil products, liquefied natural gas (LNG) and coal. Ukraine is urging Western countries to cut all trade with Russia in hopes of cutting off the Kremlin’s financial lifeline.

Earlier this month, the EU agreed to cut most of Russian oil imports on which the continent is heavily dependent. While the economic bloc aims to cut Russian gas imports by two-thirds this year, an embargo is currently out of the question.

Record income

Despite a decline in the volume of Russian fossil fuel exports in May, Moscow achieved record export revenues thanks to global increases in fossil fuel prices. Russia’s average export prices were about 60% higher than last year, according to CREA. Some countries are also buying more fuels from Russia, including China, India, the United Arab Emirates and France, the report said.

“As the EU considers tougher sanctions against Russia, France has increased imports to become the world’s largest buyer of LNG,” said CREA analyst Lauri Myllyvirta, saying the country is consciously using Russian energy in the aftermath of the war. . He calls for an embargo on all Russian fossil fuels.

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