As per a report by Finland-based Centre for Research on Energy and Clean Air (CREA), Russia earned U.S. $ 98 billion from fossil fuel exports during the first 100 days of its war in Ukraine.
As per a report by Finland-based Centre for Research on Energy and Clean Air (CREA), Russia earned U.S. $ 98 billion from fossil fuel exports during the first 100 days of its war in Ukraine.
Of this, the European Union (E.U.) bought 61% of Russia’s fossil fuel worth U.S. $ 60 billion. Other top importers include China who bought oil worth U.S. $ 13.2 billion and Germany who bought oil worth U.S. $ 12.7 billion. Italy imported oil worth U.S. $ 8.2 billion, Netherlands got oil worth U.S. $ 8.4 billion, Turkey purchased oil valued U.S. $ 7 billion, Poland imported oil of U.S. $ 4.6 billion, France bought oil worth U.S. $ 4.5 billion and India purchased oil worth U.S. $ 3.6 billion.
Earlier this month, the European Union announced to block most of the Russian oil imports by the end of 2022. The E.U.-wide ban will affect oil that arrives by sea but not the pipeline oil. The oil arriving by sea is around 2/3rd of the total imports.
Taking it to twitter, CREA tweeted,
BREAKING: Russia earned EUR 93 billion in revenue from fossil fuel exports in the first 100 days of the invasion of Ukraine. The EU imported 61% of this, worth approximately 57 billion EUR.
— Centre for Research on Energy and Clean Air (@CREACleanAir) June 13, 2022
Read more: https://t.co/L9nFEQwl7G pic.twitter.com/O6BYbgpT3w
Of the U.S. $ 98 billion, U.S. $ 48.2 billion came from sale of crude oil, U.S. $ 25.1 billion from pipeline gas, U.S. $ 13.6 billion form oil products, U.S. $ 5.3 billion from Liquified Natural gas (LNG) and U.S. $ 4.8 billion from sale of coal.
The CREA reported that Russia’s average export prices were about 60% higher as compared to last year. China, India, United Arab Emirates (UAE) and France increased their purchase of fossil fuels. India became a significant importer of Russian crude oil, buying 18% of the country’s exports. A significant share of the crude was re-exported as refined oil products including to the United States (U.S.) and European countries.
The leading oil companies who purchased oil from Russia were Exxon, Shell, Total, Repsol, Lukoil, Neste, and Orlen. Power Utility companies like Taipower, Chubu Electric Power, TEPCO, Malaysia’s national electricity company – TNB and Trieste thermal power plant also bought Russian oil. Industrial companies such as Nippon Steel, POSCO, Formosa Petrochemical Corporation and JFE Steel also bought Russian oil.
The report stated that China overtook Germany as the largest importer. China’s imports have been essentially constant while Germany has managed a modest reduction in oil imports from Russia. Poland and U.S. made the largest dents in Russia’s revenue. Lithuania, Finland and Estonia reduced reliance on Russia which resulted in sharp reductions of more than 50%.
In April-May, 68% of deliveries of Russian crude oil were made with ships owned by E.U., United Kingdom (U.K.) Norwegian companies, with Greek tankers carrying 43% alone. For deliveries to India and the Middle East, the share was even higher at 80%. 97% of the tankers were insured in U.K., Norway and Sweden.
