In the first hundred days of the war in Ukraine, Russia earned 93 billion euros from fossil fuel exports.
Most fossil fuels were sent to the European Union, and the average export price was about 60 percent higher than last year, a new study has found.
Namely, according to a report by the Center for Research on Energy and Clean Air (CREA) in Finland, as much as 61 percent of Russian fossil fuel exports went to the European Union for about 57 million euros.
The largest individual countries importing Russian fossil fuels are China (12.6 billion euros), Germany (12.1 billion euros), and Italy (7.8 billion euros), according to a report released by AFP.
Most of Russia’s fossil fuel revenue comes from crude oil (46 billion euros), followed by gas exported by Russia through pipelines, petroleum products, natural gas (LNG), and coal.
Although Russian fossil fuel exports fell in May as many countries and companies cut Russian energy imports due to the invasion of Ukraine, global growth in fossil fuel prices continued to fill the Russian budget, with Russian fossil fuel revenues reaching record levels.
Increased Oil Imports
The report said that Russia’s average fossil fuel prices for exports are 60 percent higher than last year’s.
Some countries, such as China, India, and the United Arab Emirates, have increased their imports of fossil fuels from Russia, it stated.
CREA analyst Lauri Myllyvirta said that while the EU is considering tougher sanctions on Russia, France has increased its imports and become the world’s largest natural gas buyer.
“Since most of these purchases do not relate to long-term contracts, this means that France has consciously decided to use Russian energy after the invasion of Ukraine,” she added.