The European Union (EU) is the main financier of the Russian war in Ukraine, as it has acquired 54% of all fossil fuels exported by Russia since the beginning of the invasion, in February 24, as revealed on Tuesday (6) a report by the Center for Research on Energy and Clean Air (CREA).
According to this organization based in Finland, Russia collected from the export of fossil fuels 170 billions of euros during the first six months of the war in Ukraine (from 24 from February to 24 August), of which the EU imported around 85,1 billion.
China was the second largest buyer of Russian oil, gas and coal, albeit far behind the EU, with spending of around 34,9 billion euros, followed by Turkey (10,7 billion), India (6.6 billion) and Japan (2.5 billion).
“Fossil fuel exports contributed approx. 43 billions of euros to Russia’s federal budget since the start of the invasion, helping to finance war crimes in Ukraine,” CREA states in its report.
Although there are no official figures available, it is estimated that Russia invested around 100 billion euros in financing the war against Ukraine, so that the export revenue of fuels has become “the key factor” that makes Russian military aggression possible, according to CREA.
This independent research center notes that export volumes of non-renewable fuels from have declined this year compared to previous years, but their current revenue “is much higher” due to the sharp rise in energy prices.
Within the EU, the five largest importers of Russian fuel in the first six months of the war in Ukraine are Germany (19 billion euros), Netherlands (24 ,1 billion), Italy (8.6 billion) , Poland (7.4 billion) and France (5.5 billion).
After the invasion of Ukraine, many western countries reduced the volume of their Russian fuel imports, especially those from the EU, where they fell 35% from pre-military incursion levels.
The agency estimates that this reduction in oil, gas and coal volumes exports caused Russia to lose revenue of around 170 million euros per day during the months of July and August.
“Together, the EU, NATO and G7 countries imported 56% of Russia’s fossil fuel exports in July and August. This number is below the 75% before the invasion, but it is still considerable”, the report points out.