Russia has earned €550 billion from fossil fuel exports since invasion of Ukraine – CREA

Russia has racked up a staggering €550 billion in revenue from fossil fuel exports since the start of the full-scale invasion of Ukraine.

Source: Center for Research on Energy and Clean Air (CREA)

Details: CREA estimates that EU countries purchased over €180 billion worth of fossil fuels from Russia during this period.

"European Union imports of Russian fossil fuels have steadily declined since the end of March, being more than halved in monetary values compared to pre-invasion levels. Whilst the EU remains the largest importer of Russian fossil fuels, it is now only marginally superior to China," CREA experts note.

Oil (crude and petroleum products) and gas (pipeline and liquefied natural gas (LNG)) account for the vast majority of this revenue.

Key oil importers: In September, China was the largest importer of Russian oil (47%), followed by India (32%), the EU (7%), Türkiye (3%) and Brazil.

Key LNG importers: Since 5 December 2022, the EU has been the largest buyer of Russian LNG, accounting for 50% of all Russian LNG exports. The EU is followed by China (23%) and Japan (16%). Russian LNG exports increased by 48% in September compared to the previous month.

Pipeline gas: The EU was the largest buyer in September, buying 41% of Russian pipeline gas, followed by Türkiye (29%) and China (21%). Between January and August 2023, the EU bought €4.9 billion of pipeline gas from Russia, which has become a vast income source for the Kremlin.

Europe and the G7 countries play a significant role in transporting Russian oil. CREA added that the percentage of tankers transporting crude oil from Russia below the price cap remained at around 50% in September.

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