Russia Exported $97 Billion Worth of Fossil Fuels in the First 100 Days of Its War
A new report from the Center for Research on Energy and Clean Air shows Russia pulled in $97 billion through exports of oil, gas, and coal products in the first 100 days of its war in Ukraine.
The report found roughly 61% of Russia’s fossil fuel revenues in the first 100 days of its war (February 24 to June 3) came from sales to the E.U., worth about $59 billion.
The five largest individual importers were China ($13.1 billion), Germany ($12.6 billion), Italy ($8.1 billion), the Netherlands ($8.1 billion), and Turkey ($7 billion).
Of the total $97 billion Russia brought in from February 24 to June 3, $48 billion came from crude oil exports, $25 billion came via pipeline gas shipments, and $13.5 billion was brought in through other oil products.
Exports of liquefied natural gas ($5.3 billion) and coal ($5 billion) made up the rest.
Despite imports of Russian energy falling by 15% in May compared to pre-invasion levels, recent increases in demand have benefited Russia as average export prices remain 60% higher than last year.
Still, Russia made around $916 million per day from energy exports from February 24 to June 3, compared to the $1.1 billion per day it averaged from January to February 2022.
China overtook Germany to become the largest importer of Russian fossil fuels, as Germany has managed a modest reduction in imports while China’s has remained constant.
The U.S. (-100%), Sweden (-99%), and Lithuania (-77%) were the most decisive countries in cutting Russian energy imports.