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Russia earns $98b from fuel exports in 100 days of Ukraine war - report

Russia earns $98b from fuel exports in 100 days of Ukraine war - report

 

China, Germany, and Italy are the main importers.


According to an independent report published on Monday, Russia earned $98 billion in fossil fuel exports in the first 100 days of its invasion of Ukraine.


According to the Center for Energy and Clean Air Research (CREA), based in Finland, more than 60% of fuel exports worth $60 billion were sent to the European Union. Germany bought $12.7 billion worth of Russian fuel, and Italy spent $8.1 billion. China has become the largest importer, paying Moscow almost $ 13.2 billion.


Russia's revenues from fossil fuels exceed crude oil sales, which amount to $46 billion. Although the EU has agreed to cut oil imports from Russia and cut gas supplies by two-thirds by the end of 2022, it has struggled to impose a full oil embargo.


Despite calls by Ukrainian President Vladimir Zelensky to stop all trade with Russia to undermine the Kremlin's ability to finance the war, some countries have increased purchases of liquefied natural gas (LNG) from Moscow.


"While the EU is exploring the possibility of imposing tougher sanctions on Russia, France has increased its imports to become the largest buyer of LNG in the world," CREA analyst Lauri Mullivirta said, adding that most of the purchases were not long—term. , but the last contracts concluded during the Russian invasion of Ukraine.


China, India, and the United Arab Emirates also bought more Russian gas this year, with the country's average export prices being 60% higher than in 2021.


Although Russian exports declined in May after Western companies severed ties with Moscow over the war in Ukraine, rising global fuel prices are keeping Russian export earnings at a record high.

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