Russia earned nearly 100 billion dollars from export of fossil fuels during the first 100 days of Ukraine war, research has revealed. The research has said that most of USD 98 billion worth of fossil fuels has been sent to the European Union.
The study has been done by Centre for Research on Energy and Clean Air (CREA), an independent, Finland-based group. The study report has come as Kyiv is urging the West to sever all ties with Russia.
Europe is heavily dependent on Russian oil. Earlier this month, the EU agreed to halt most of these imports. Though the bloc aims to reduce gas shipments by two-thirds this year, an embargo is not in the cards at present.
As per the research report, supply to EU made up 61 per cent of Russia’s fossil fuel exports in first 100 days of Ukraine war. The exports were worth USD 60 billion. China was the top importer at 12.6 billion euros, Germany (12.1 billion) and Italy (7.8 billion).
Russia’s fossil fuel revenues come first from the sale of crude oil (46 billion), followed by pipeline gas, oil products, liquefied natural gas (LNG) and coal.
Russia invaded Ukraine on February 24. Russia’s exports plunged in May as countries and companies moved away from purchase. However, global rise in fossil fuel price benefitted Russia.
The report added that some countries like China, India, the UAE and France had upped their purchases from Russia.
(With inputs from agencies)
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