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Report: Russia earned $66B in fuel exports since start of war on Ukraine

Rebecca Falconer

Russia received about $66 billion in fossil fuel sales in the two months since its forces first invaded Ukraine, according to a new study by an independent research group.

Why it matters: The Centre for Research on Energy and Clean Air’s report indicates that Russia has almost doubled its revenues in sales of oil, gas and coal since Putin’s forces began attacking Ukraine on Feb. 24, the Guardian notes.

  • “Fossil fuel exports are a key enabler of Russia’s military buildup and brutal aggression against Ukraine,” the study’s authors write.

By the numbers: The European Union bought 71% of Russian fossil fuels via shipments and pipelines from Russia, the study found.

  • Germany imported more than any other country, according to the report — spending an estimated 9.1 billion euros ($9.65 billion).
  • Italy was the next biggest customer (6.9 billion euros), followed by China (6.7 billion euros), the Netherlands (5.6 billion euros), Turkey (4.1 billion euros) and France (3.8 billion euros).

The big picture: Russia’s oil and gas exports have not been subject to sanctions, though pressure is mounting to do so, per Axios’ Emily Peck.

  • The nation’s majority state-owned energy company Gazprom announced Wednesday that it had halted supplies to Poland and Bulgaria after the two NATO and EU member countries refused Russian President Vladimir Putin’s demands to pay in rubles.
  • European leaders accused the Kremlin of “blackmail” for its actions and violating its contracts with Poland and Bulgaria.

Read the full report, via DocumentCloud:

Editor’s note: This article has been updated with details of Gazprom’s actions against Poland and Bulgaria and further context.


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