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 nations as Kyiv urges the West to sever all commerce with Moscow.

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

The report revealed on Monday by the impartial, Finland-based Centre for Analysis on Power and Clear Air (CREA) got here as Russian forces continued making gradual however regular progress of their marketing campaign to totally 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 referred to as on Western nations to sever all commerce with Moscow within the hopes of chopping off its monetary lifeline within the wake of the February 24 invasion. Pre-war, Russia provided 40 p.c of the EU’s gasoline and 27 p.c of its imported oil.

Earlier this month, the bloc agreed to halt most Russian oil imports, and whereas it goals to scale back gasoline 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 keeping with CREA’s report, the EU took 61 p.c of Russia’s fossil gasoline exports throughout the conflict’s first 100 days, price about $60bn.

Total, 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 gasoline ($25.1bn), oil merchandise ($13.6bn), liquefied pure gasoline, or LNG, ($5.3bn) and coal ($4.8bn).

At the same time as Russia’s exports plummeted in Might, with nations and firms shunning its provides over the conflict, the worldwide rise in fossil gasoline costs continued to fill the Kremlin’s coffers, with export revenues reaching document highs.

Russia’s common export costs have been about 60 p.c greater than final yr, in keeping with CREA.

Some nations 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} “vital share of the crude is re-exported as refined oil merchandise”, together with to the US and European nations.

“Because the EU is contemplating stricter sanctions in opposition to Russia, France has elevated its imports to develop into the biggest purchaser of LNG on the earth,” 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 power within the wake of the invasion, Myllyvirta added.

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