Russia Earned 93 Billion Euros From Fossil Exports In 100 Days Of War

Russia earned 93 billion euros in fossil fuel export revenues in the first 100 days of its war against Ukraine, most of it going to the EU, research center report says independent published on Monday, and which particularly pinpoints France.

This publication from the Finland-based Center for Research on Energy and Clean Air (CREA) comes as Ukraine urges Westerners to cut off all trade with Russia to stop fueling the Kremlin’s war chest.

The European Union recently decided on a gradual embargo – with exceptions – on its oil imports. Russian gas, on which it is very dependent, is not currently concerned.

According to CREA, the EU accounted for 61% of fossil imports, or around 57 billion euros, over the first 100 days of the war (February 24 – June 3). The biggest importers were China (12.6 billion euros), Germany (12.1 billion) and Italy (7.8 billion).

Russia’s revenues presented first from the sale of crude oil (46 billion), followed by gas transported by natural gas pipelines (24 billion), then petroleum products, liquefied natural gas (LNG) and finally coal.

The manna has not dried up, even if exports fell in May and Russia is forced to sell at rock bottom prices on international markets. Despite this rebate, the country still benefited from the global rise in energy prices.

While some countries have made significant efforts to reduce their imports (Poland, Finland, Baltic countries), others have on the contrary increased their purchases: China, India, United Arab Emirates or… France, according to the CREA.

“While the EU is considering stricter sanctions against Russia, France has increased its imports, to become the largest buyer of Russian LNG in the world”, underlines Lauri Myllyvirta, analyst of the CREA.

These are also purchases at price and not under long-term contracts, which means that France has knowingly decided to consume Russian energy despite the invasion of Ukraine, estimates the specialist.

“France must align its actions with its words: if it supports Ukraine, it must immediately implement an embargo on Russian fossil fuels and rapidly develop clean energies and energy efficiency solutions”, judges – he.

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