Russia Has Nearly Doubled Oil and Gas Sales Since Putin Invaded Ukraine: Study

Russia has nearly doubled its energy sales since President Vladimir Putin’s invasion of Ukraine despite widespread sanctions, Axios reports.

Russia has made about $66 billion in fossil fuel sales in the two months since the invasion, according to a report from the Centre for Research on Energy and Clean Air.

The number is nearly double the revenues Russia made from oil, gas, and coal sales from prior to the war.

"Fossil fuel exports are a key enabler of Russia's military buildup and brutal aggression against Ukraine," the study authors warned.

The findings show Russia’s stranglehold over the European energy market despite the European Union’s sanctions.

Though energy exports have fallen slightly, the cuts to the flow of fossil fuels has raised prices and boosted Russia’s bottom line.

EU still buying lots of Russian energy:

The report found that 71% of Russia’s fossil fuel sales went to the European Union.

Germany is the most reliant on Russian energy, importing an estimated $9.65 billion in fossil fuels.

The next biggest customers were Italy an China at over $7 billion, the Netherlands (5.6 billion euros), Turkey (4.1 billion), and France (3.8 billion).

Pressure mounts:

Russia’s oil and gas exports have not been targeted for sanctions but there is growing pressure to do so.

Russian state-owned energy giant Gazprom announced on Wednesday that it halted all supplies to Poland and Bulgaria after the countries refused to pay for the shipments in rubles.

The European Union accused Russia of “blackmail” and violating its contracts.

Russia has demanded that other European countries pay for gas in rubles, which may run afoul of EU sanctions, putting the future of Russian energy flow to Europe in doubt.

 

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