Russia ‘earned’ $98bn in fuel exports in 100 days of Ukraine war | Russia-Ukraine war News

A brand new report says most exports went to European international locations as Kyiv urges the West to sever all commerce with Moscow.

Russia has earned $98bn from fossil gasoline exports through the first 100 days of its warfare in Ukraine, with the European Union being the highest importer, in keeping with new analysis.

The report revealed on Monday by the unbiased, Finland-based Centre for Analysis on Vitality and Clear Air (CREA) got here as Russian forces continued making gradual however regular progress of their marketing campaign to completely seize japanese Ukraine’s Donbas area.

The USA and the EU have despatched weapons and money to assist Ukraine fend off the Russian advance, alongside punishing Moscow with unprecedented financial sanctions.

However Kyiv has known as on Western international locations to sever all commerce with Moscow within the hopes of slicing off its monetary lifeline within the wake of the February 24 invasion. Pre-war, Russia provided 40 % of the EU’s fuel and 27 % of its imported oil.

Earlier this month, the bloc agreed to halt most Russian oil imports, and whereas it goals to cut back fuel shipments by two-thirds this yr. An embargo isn’t on the playing cards at current.

INTERACTIVE - Russian gas imports into the EU - Europe's reliance on Russian gas
(Al Jazeera)

In response to CREA’s report, the EU took 61 % of Russia’s fossil gasoline exports through the warfare’s first 100 days, price about $60bn.

General, the highest importers have been China at $13.2bn, Germany at $12.7bn, Italy at $8.2bn, the Netherlands at $8.4bn, Turkey at $7bn, Poland at $4.6bn, France at 4.5bn and India at $3.6bn.

Russia’s fossil gasoline revenues come first from the sale of crude oil ($48.2bn), adopted by pipeline fuel ($25.1bn), oil merchandise ($13.6bn), liquefied pure fuel, or LNG, ($5.3bn) and coal ($4.8bn).

At the same time as Russia’s exports plummeted in Could, with international locations and corporations shunning its provides over the warfare, the worldwide rise in fossil gasoline costs continued to fill the Kremlin’s coffers, with export revenues reaching report highs.

Russia’s common export costs have been about 60 % increased than final yr, in keeping with CREA.

Some international locations have elevated their purchases from Russia, together with China, India, the United Arab Emirates and France, the report added.

“India grew to become a major importer of Russian crude oil, shopping for 18% of the nation’s exports,” CREA mentioned, including {that a} “important share of the crude is re-exported as refined oil merchandise”, together with to the US and European international locations.

“Because the EU is contemplating stricter sanctions in opposition to Russia, France has elevated its imports to turn out to be the biggest purchaser of LNG on this planet,” mentioned CREA analyst Lauri Myllyvirta.

Since most of those are spot purchases slightly than long-term contracts, France is consciously deciding to make use of Russian vitality within the wake of the invasion, Myllyvirta added.

He known as for an embargo on Russian fossil fuels to “align actions with phrases”.

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