May 30, 2024


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The report says that Russia's fossil fuel revenues amount to about $100 billion in 100 days of war

The report says that Russia’s fossil fuel revenues amount to about $100 billion in 100 days of war

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In the 100 days after the invasion of Ukraine on February 24, Russia’s revenue from fossil fuel exports soared to 93 billion euros — about $97 billion — according to a report by the Center for Research on Energy and Clean Air.

China was the largest importer, buying more than $13 billion in fossil fuels during that period, followed by Germany, with about $12.6 billion, buying CREA Report Released on Monday said.

For the first 100 days of the war in Ukraine, France was the largest importer of Russian liquefied natural gas, research based in Finland It found the center, while Germany bought most of the Russian pipelines. China imported most of the oil from Russia, and Japan imported most of the coal.

While Western governments sought to pressure Moscow and many countries scrambled to dump Russian energy, Russia’s fuel exports were down 15 percent in May compared to the period before the invasion. But the report said higher fuel prices caused by rising global demand kept money flowing into Moscow’s coffers, noting that prices for Russian exports were on average 60 percent higher than last year.

Few countries increased their imports of Russian fuel during the first 100 days of the war, the think tank said, including France, India, China, the United Arab Emirates and Saudi Arabia.

US gas prices average $5 a gallon, as rising energy costs put pressure on the economy

It added that France, Belgium and the Netherlands benefited from buying liquefied natural gas and crude oil in the spot market. The purchases were made outside of pre-existing contracts, “representing an active buying decision,” according to the report.

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The French environment ministry questioned the report’s methodology. She said the country was a popular fuel import destination as it had four LNG terminals, but that did not mean it was the final destination for gas. In an email response to questions about spot market purchases, a ministry spokeswoman said: “French authorities are determined, in close cooperation with all their European partners, to diversify sources of supply, reducing dependence on [on Russian fuel] and reduce gas consumption.

“It would be best to ask the companies involved as they know all the details,” a spokesperson for the Dutch Ministry of Economic Affairs and Climate Policy, Tim van Dyck, said in an email response. Belgian Ministry of Energy He did not respond to a request for comment early Tuesday.

After weeks of negotiations, the European Union has reached a level an agreement Late last month to phase out Russian oil, but excluding pipeline deliveries, as a concession to Hungary. Mounting evidence of war crimes and horrific images Corpses lying in the streets of Bucha, On the outskirts of Kyiv, he pushed the 27-nation bloc to announce a get rid of of Russian coal and the oil embargo discussion.

EU agrees to phase out Russian oil but excludes pipeline shipments

European Council President Charles Michel said a deal to end seaborne shipments within months would cover more than two-thirds of oil imports from Russia, cutting off a “huge source of funding” for Russia’s “war machine”.

United State forbidden Russian oil imports in March. On Sunday, President Biden blamed Russia’s invasion of Ukraine for rising US gas prices — which topped $5 per gallon On average nationwide over the weekend – to tell reporters it’s “outrageous what the war in Ukraine is causing.”

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However, US energy envoy Amos Hochstein told lawmakers last week that Russia may be reaping more revenue from fossil fuels than it did before the conflict, with global price increases counteracting the impact of Western sanctions and higher-than-expected demand, as the lockdown eases. Because of the Corona virus around the world.

While the Russian war in Ukraine has pushed already soaring inflation across much of Europe to record levels, some European officials have called for steps to mitigate rising food and energy costs.

Russian elites say Putin believes the West will blink first in a war of attrition

The Washington Post reports that Russian President Vladimir Putin is fighting a long war of attrition and is seeking to use economic pressure, such as a ban on Ukraine’s grain exports, to undermine Western support for Kiev, according to members of Russia’s economic elite. The Kremlin hopes the West will lose focus in trying to counter the invasion, especially as global energy costs rise, The Washington Post reports.

The Director of National Intelligence, Avril Haines, hinted at such concerns Last month when I told the senators that Putin is ready for a protracted conflict and “may depend on the resolve of the United States and the European Union to weaken as food shortages, inflation and energy shortages worsen.”