The main importer of Russian fossil fuels remained the European Union (against 85.1 billion euros), followed by China and Turkey.
THE Russia accumulated revenue 158 billion euros thanks to fossil fuel exports in the six months of the war it has waged against Ukraine, benefiting from high prices, suggests research by an independent think tank released today that calls for more effective sanctions.
“Sparking fossil fuel prices mean Russia’s current revenues are well above those of previous years, despite declines in exported volumes”is underlined in the text of the Center for research on energy and clean air (CREA), based in Finland.
The gas prices took off to all-time highs in Europe, while those of oil rose sharply early in the war, although they have receded of late.
“We estimate that fossil fuel exports contributed €43 billion to the Russian federal budget, helping to finance war crimes in Ukraine”according to the authors.
Their calculations refer to the first six months of the war, from February 24 to August 24.
In the period under review, CREA reckons that the main importer of Russian fossil fuels remained the European Union (against €85.1 billion), followed by China and Turkey.
The EU has decided to impose a progressive embargo — with exceptions — on the import of Russian oil and oil products. It has also decided to end purchases of Russian coal. But Russian natural gas, on which it is crucially dependent, is not currently expected to become the object of a similar measure.
The think tank reckons the European embargo on Russian coal — which came into force on August 10 — has paid off, as Russian exports fell to their lowest level since the invasion of Ukraine. “Russia has failed to find other buyers,” according to the study’s authors.
CREA instead believes that “stronger” rules should be put in place to prevent Russian oil from being made available in markets where it is supposed to be prohibited. Western sanctions are easily circumvented today, according to him.
“The EU must ban the use of European ships and European ports to transport Russian oil to third countries,” supports. It also calls on the UK to ban the UK insurance industry from participating in such international maritime transport.
For their part, the G7 countries decided on Friday to “urgently” impose a devaluation on Russian oil, although it is a mechanism whose implementation involves many complications, with the aim of reducing the energy manna for Moscow.
Russia will respond to the imposition of a price ceiling on its oil by selling more of the quantities it produces in Asia, Russian Energy Minister Nikolai Sulginov argued today.
RES-EMP
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