Russian fossil fuel income hits record during war
Despite economic sanctions against the country, Russia has never before made as much money on exporting fossil energy as is the case during the war against Ukraine, writes think tank CREA in a new report.
BY MATHIAS JULIUS FALKENGAARD, TRANSLATED BY DANIEL FRANK CHRISTENSEN
Russia made EUR 93bn off fossil fuel exports during the first 100 days of the war in Ukraine – a level roughly 60% higher than last year, estimates think tank Centre for Research on Energy and Clean Air (CREA) in a new analysis as reported by media Montel early Monday.
The war-waging nation's fuel export has otherwise been reduced due to Moscow's aggression against Ukraine. In May, for instance, export was down around 15% relative to period leading up to the war. This development can be attributed to dramatically increased energy prices.
According to the CREA report, the EU accounted for 61% of energy purchases – crude oil, natural gas, coal – from Russia.
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