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Home World News Washington Post World News Russia made nearly $100 billion in fuel exports in the first 100...

Russia made nearly $100 billion in fuel exports in the first 100 days of war, report says

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In the 100 days after the invasion of Ukraine on Feb. 24, Russia’s fossil fuel export revenues soared to $93 billion — 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 worth of fossil fuels during that period, followed by Germany for about $12.6 billion, according to the CREA report released Monday.

During the first 100 days of the war in Ukraine, France was the largest importer of Russian liquefied natural gas, Finland-based study finds center, while Germany bought most of the Russian pipeline gas. China imported the most oil from Russia and Japan imported the most coal.

As Western governments tried to pressure Moscow and many countries made efforts to get rid of Russian energy, the volume of Russian fuel exports fell 15 percent in May compared to the pre-invasion period. But high fuel prices, fueled by rising global demand, kept money flowing into Moscow’s coffers, the report said, noting that Russian export prices were on average 60 percent higher than last year.

And a few countries increased imports of Russian fuel during the first 100 days of the war, including France, India, China, the United Arab Emirates and Saudi Arabia, the research center said.

The average US gas price is above $5 a gallon as rising energy costs weigh on the economy

France, Belgium and the Netherlands benefited from the purchase of liquefied natural gas and crude oil on the spot market. The purchases were made outside of pre-existing contracts, “representing an active purchase decision,” the report said.

The energy ministries of France and Belgium did not immediately respond to requests for comment on Tuesday. A spokesman for the Dutch Ministry of Economic Affairs and Climate, Tim van Dijk, said in an email response that “it is better to ask the companies involved, because they know all the details.”

After weeks of negotiations, the European Union reached an agreement at the end of last month to phase out Russian oil, but with an exception for pipeline deliveries as concessions, especially to Hungary. Rising evidence of war crimes and horrific images of bodies lying in the streets of Bucha, on the outskirts of Kiev, spurred the 27-nation bloc to announce a phase-out of Russian coal and debate an oil embargo .

EU agrees to phase out Russian oil, but exempts pipeline deliveries

European Council President Charles Michel said the deal to end seaborne deliveries within months would cover more than two-thirds of Russia’s oil imports, providing “a huge source of funding” for Russia’s” war machine” would be shut down.

The United States banned the import of Russian oil in March. On Sunday, President Biden blamed Russia’s invasion of Ukraine on rising U.S. gas prices — which hit an average of $5 a gallon nationally this weekend — and told reporters it’s “outrageous what is causing the war in Ukraine.”

Still, US energy envoy Amos Hochstein told lawmakers last week that Russia may be generating more revenue from fossil fuels than it was before the conflict, with global price hikes countering the effect of Western sanctions and higher-than-expected demand as lockdowns close. the coronavirus is declining around the world.

As Russia’s war in Ukraine pushes already soaring inflation to record highs in much of Europe, some European officials have called for steps to mitigate the rise in food and energy costs.

Putin thinks West will blink first in war of attrition, Russian elites say

The Washington Post previously reported that Russian President Vladimir Putin is embarking on a long war of attrition and seeking economic pressures, such as a blockade on Ukrainian grain exports, to undermine Western support for Kiev, according to members of Russia’s economic elite. . † The Kremlin hopes the West could lose focus in countering the invasion, especially as global energy costs rise, The Post reported.

US director of national intelligence, Avril Haines, alluded to such concerns last month when she told senators that Putin is prepared for a protracted conflict and is “probably counting on the determination of the US and the EU to weaken as food shortages, inflation and energy shortages get worse. †



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