According to the Energy and Clean Air Research Center (CREA) analysis, Russia’s fossil fuel exports to the European Union (EU) fell 35 percent compared to the beginning of the war, and 18 percent in total.
Although the striking effects of the oil embargo that the EU will impose on Russia have not yet materialized, the EU’s oil imports from Russia also decreased by 17 percent in this period. With the implementation of the embargo, the EU’s oil imports from Russia are expected to decrease by 90 percent.
Russia’s biggest export increases in this period were to India, China, United Arab Emirates, Egypt and Turkey.
Russia’s revenue from fossil fuel exports was calculated to be 158 billion Euros in 6 months, exceeding the estimated 100 billion Euros that the war cost the Kremlin. Fossil fuel export revenues contributed an estimated €43 billion to Russia’s federal budget.
BIGGEST INCOME FROM CRUDE OIL
While the highest income among fossil fuels was obtained from crude oil exports with approximately 76 billion Euros, Russia’s natural gas exports were 35 billion Euros, petroleum products exports were 26 billion Euros, coal exports were 13 billion Euros, and liquefied natural gas exports were 9 billion Euros. Despite the decline in the country’s exports, rising oil, gas and coal prices kept Russia’s export revenues high.
The EU took the first place among Russia’s largest fossil fuel importers with 85 billion Euros.
Among EU countries, the highest imports from Russia are Germany with 19 billion Euros, the Netherlands with 11.1 billion Euros, Italy with 8.6 billion Euros, Poland with 7.4 billion Euros, and 5.5 billion Euros. France and Bulgaria with 5.2 billion euros. Belgium imported 4.5 billion Euros of fossil fuels from Russia and 3.3 billion Euros from Spain during this period.
On the basis of countries outside the EU, China’s imports from Russia were 35 billion Euros, Turkey’s 10.7 billion Euros, India’s 6.6 billion Euros and Japan’s 2.5 billion Euros.
CEILING PRICE PROPOSAL
Lauri Myllyvirta, CREA Principal Analyst and co-author of the report, commented on the analysis, “The rise in global fossil fuel prices means that despite the decline in export volumes, Russia still generates record revenues from fossil fuels. To combat this, governments have imposed tariffs or price on imports from Russia. “A particular focus needs to be placed on reducing oil and gas consumption by accelerating the deployment of clean energy and electrification through heat pumps and electric vehicles.” used the phrases.
Kostiantyn Krynytskyi, Head of the Center for Environmental Initiatives, said:
“On August 24, 189 airstrike warnings were heard across Ukraine, marking both our 31st Independence Day and the six-month anniversary of the occupation. Every bombing we have suffered was financed by fossil fuels. There is positive evidence that countries are reducing their dependence on Russian fossil fuels by accelerating the transition to clean energy. “The process needs to be accelerated urgently, although there are signs. The sanctions are working; they should be expanded and strengthened so that Russia can’t easily circumvent them.”