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Russia’s fossil fuel revenues have doubled since invasion of Ukraine, new report claims

03 May 2022

A new report has claimed that Russia has almost doubled its fossil fuel revenues since its invasion of Ukraine began on February 24. Russia has received around €62 billion (£52.2bn) from exporting oil, gas and coal to the European Union (EU) in the two months since it began its invasion, the Centre for Research on Energy and Clean Air (CREA) has said.

Image: Shutterstock
Image: Shutterstock

CREA’s report, “Financing Putin’s war on Europe: Fossil fuel imports from Russia in the first two months of the invasion”, is based on analysis of shipping movements and cargos. Among the key findings, CREA’s report says that the EU imported 71% of Russia’s fossil fuel exports via shipments and pipelines throughout the war in Ukraine.

The largest importers of Russia energy have been Germany (€9.1bn), Italy (€6.9bn), China (€6.7bn), Netherlands (€5.6bn), Turkey (€4.1bn) and France (€3.8bn). A quarter of Russia’s fossil fuel shipments arrived in just six EU ports: Rotterdam (Netherlands), Maasvlakte (Netherlands), Trieste (Italy), Gdansk (Poland) and Zeebrugge (Belgium).

Deliveries of oil to the EU fell by 20% and coal by 40%, while deliveries of LNG increased by 20%. EU gas purchases through pipelines increased by 10%. Oil deliveries to non-EU destinations increased by 20%, and with major changes in destinations. Deliveries of coal and LNG outside the EU increased by 30% and 80%, respectively, the report says.

EU countries are reportedly split on how they should decrease their dependence on Russian energy. Sanctions have been applied in certain areas, but the EU still remains a major importer. EU ministers met in early May to discuss the energy situation, how they should pay for Russian energy in a way that doesn’t breach sanctions, and how to source and develop alternative supplies of energy.

State-owned Gazprom stopped gas exports to Poland and Bulgaria in April after both countries refused to pay for gas in roubles as requested by the Kremlin. Several more EU-members are likely to face a similar problem in May.

In response to the disruption of gas supplies, EU Commission President Ursula von der Leyen said that it was another provocation from the Kremlin but was no surprise that Russia would use fossil fuels to try to blackmail the EU.

"This latest aggressive move by Russia is another reminder that we need to work with reliable partners, and build our energy independence. Today, the Kremlin failed once again in this attempt to sow division between Europeans. The era of Russian fossil fuels in Europe will come to an end. Europe is moving forward on energy issues," von der Leyen said.

The full CREA report can be found here:

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