Russian Windfall As Oil and Gas Exports Top 93 Billion Euros During Ukraine War

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Russian Windfall As Oil and Gas Exports Top 93 Billion Euros During Ukraine War

Wed, 06/15/2022 - 08:36
Close-up on Euro notes (© Shutterstock/Valentin Si)
Close-up on Euro notes (© Shutterstock/Valentin Si)

The Center for Research on Energy and Clean Air has compiled a detailed dataset of pipeline and seaborne trade in Russian fossil fuels during the first 100 days of Putin's War of Aggression in Ukraine. It has found that exports of fossil based fuels soared to 93 billion euros in toto.  

China was the largest importer, buying 12.6 billion euros of fossil fuel during that period, followed by Germany at 12.1 billion euros, according to the report released Monday.  Germany, it should be noted, purchased the largest amount of Russian pipeline gas.

Italy (EUR 7.8 billion), Netherlands (EUR 7.8billion), Turkey (EUR 6.7 billion), Poland (EUR 4.4 billion), France (EUR 4.3 billion) and India (EUR 3.4 billion) are not far behind.

The report noted that, as many countries scrambled to wean themselves off Russian energy, the volume of Russia’s fuel exports fell 15 percent in May compared with the period before the invasion. But high fuel prices caused by rising global demand have kept money flowing into Moscow’s coffers, the report said, noting that Russia’s export prices were on average 60 percent higher than last year.

The European Union reached an agreement last month to end its dependence on Russian oil, but made an exception for oil delivered via pipeline, for example, the Druszhba.

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