Russia earns $98 billion from fuel exports during 100 Days of Ukraine war: Report

Edited By: Sayan Ghosh
New Delhi, India Updated: Jun 13, 2022, 05:05 PM(IST)

Representative image. Photograph:( Reuters )

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The report claims that EU accounted for 61 per cent of the total exports during the first 100 days of the war. The other importers were China, Germany, Italy, the Netherlands, Turkey and Poland.

The Russian invasion of Ukraine has crossed 100 days and the sanctions imposed by the United States and major European countries have caused a lot of damage to the Russian economy. With the ongoing crisis, a lot of countries have also decided to stop importing oil and natural gas from Russia. However, according to research conducted by Finland-based Centre for Research on Energy and Clean Air (CREA), Russia remains the top exporter of fossil fuel with $98bn in total earnings since the war in Ukraine started. European Union remains the top importer of Russian oil and natural gas.

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Before the war started in Ukraine, Russia accounted for 40 percent of the European Union’s gas and 27 percent of its imported oil. However, since the crisis started, the EU have taken steps to reduce their import, but no complete ban has been placed yet despite multiple requests from Ukraine.

The report claims that EU accounted for 61 per cent of the total exports during the first 100 days of the war. The other importers were China, Germany, Italy, the Netherlands, Turkey and Poland.

The report also said that Russia’s income came from crude oil ($48.2bn), followed by pipeline gas ($25.1bn), oil products ($13.6bn), liquefied natural gas, or LNG, ($5.3bn) and coal ($4.8bn).

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Although the amount of oil and gas exported by Russia decreased in the time period, it was balanced by the authorities with higher prices. According to CREA, the prices were almost 60 per cent higher.

“India became a significant importer of Russian crude oil, buying 18% of the country’s exports,” CREA said, adding that a “significant share of the crude is re-exported as refined oil products”.

 

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