Russia took in 158 billion in energy exports since war | Economy

Russia took in 158 billion in energy exports since war | Economy
Russia took in 158 billion in energy exports since war | Economy

Since the start of the war in Ukraine, Russia has brought in about 158 ​​billion euros in energy exports. The European Union accounted for more than half of this, reports ‘The Center for Research on Energy and Clean Air’ (CREA). At the same time, the think tank is calling for more effective sanctions against Moscow as the imposition of sanctions against Russia causes oil, gas and coal prices to skyrocket.

High fossil fuel prices also mean that Russia is making much more money from exports compared to previous years, despite reduced export volumes this year. Natural gas prices in Europe have recently risen to record highs as Russia cuts supply. Crude oil prices have also skyrocketed after the invasion, although they have fallen somewhat since then.

EU

Fossil fuel exports have contributed about €43 billion to Russia’s federal budget since the invasion began, financing war crimes in Ukraine, CREA said. The figures relate to the six months after the Russian invasion of Ukraine on February 24. During this period, according to CREA estimates, the EU was the largest importer of Russian fossil fuels at EUR 85.1 billion. China followed with 34.9 billion euros. Turkey was good for 10.7 billion euros.

The EU has stopped purchasing coal from Russia, but is only introducing a gradual ban on Russian oil. Furthermore, no restrictions have yet been established for the import of natural gas. There, the country bloc is highly dependent on Russia.

According to the CREA, the EU ban on coal imports from Russia has been effective. After the ban came into effect, Russian coal exports fell to their lowest level since the start of the war. “Russia has not been able to find other buyers to compensate for the falling demand in the EU,” CREA said.

Shipping

The organization did insist on stricter rules for the export of Russian oil and on enforcement. The EU and the United Kingdom should use their influence in global shipping to do so.

“The EU should ban European ships and European ports from being used to ship Russian oil to other countries, while the UK should stop allowing its insurance sector to participate in this trade,” CREA said.

The G7 countries previously promised to urgently work on a price cap for Russian crude oil. As a result, Russia would lose a large part of the income from its oil exports.

Also see: Companies in trouble due to too high European gas price

Also see: The Big Money Survey: monthly energy bill increased

Free unlimited access to Showbytes? Which can!

Log in or create an account and don’t miss out on any of the stars.

Yes, I want free unlimited access

The article is in Dutch

Tags: Russia billion energy exports war Economy

NEXT Private conversations Elon Musk, Jack Dorsey and Twitter CEO shared in lawsuit – IT Pro – News