Russia earns $98 billion exporting oil and gas

Russia earns $98 billion exporting oil and gas the first in 100 days of Ukraine war.

Russia earned 93 billion euros ($98 billion) from fossil fuel exports during the first 100 days of its war in Ukraine, with most sent to the European Union, according to research published Monday 13th July 2022.

The top importers of Russia’s fossil fuel were China at €12.6 billion, Germany at €12.1 billion and Italy €7.8 billion.

Russia earned €93 billion (US$98 billion) from fossil fuel exports during the first 100 days of its war in Ukraine, with most sent to the European Union, according to research published today.

The report from the independent, Finland-based Centre for Research on Energy and Clean Air (CREA) comes as Kyiv urges the West to sever all trade with Russia hoping to cut off the Kremlin’s financial lifeline.

According to the report, the EU took 61% of Russia’s fossil fuel exports during the war’s first 100 days, worth about €57 billion (US$60 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.

Even as Russia’s exports plummeted in May, with countries and companies shunning its supplies over the Ukraine invasion, the global rise in fossil fuel prices continued to fill the Kremlin’s coffers, with export revenues reaching record highs.

Russia’s average export prices were about 60% higher than last year, according to CREA.

Some countries have upped their purchases from Moscow, including China, India, the UAE and France, the report added.

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

Since most of these are spot purchases rather than long-term contracts, France is consciously deciding to use Russian energy in the wake of Moscow’s invasion of Ukraine, Myllyvirta added.