A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel
9/5/2022
RawNews1st – The Centre for Research on Energy and Clean Air called for more effective sanctions against Moscow after the invasion sent oil, gas and coal prices soaring.
Russia has raked in a whopping €158 billion (US$158 billion) in energy exports in the six months following its invasion of Ukraine, with the EU accounting for more than half, a think tank said on Tuesday (Sep 6).
Natural gas prices have recently soared to record levels in Europe as Russia chokes off supplies. Crude oil prices also jumped following the invasion, although they have since pulled back.
China followed at €34.9 billion and Turkey at €10.7 billion.
“Surging fossil fuel prices mean that Russia’s current revenue is far above previous years’ level, despite the reductions in this year’s export volumes,” said the Finland-based organisation.
“Fossil fuel exports have contributed approximately €43 billion to Russia’s federal budget since the start of the invasion, helping fund war crimes in Ukraine,” said CREA.
The figures concern the six months following Russia’s Feb 24 invasion of Ukraine.
During this period, the CREA estimated that the European Union was the top importer of Russian fossil fuel exporters, at €85.1 billion.
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