Russia earned a record €93 billion in revenue from oil, gas and coal exports in the first 100 days after the invasion of Ukraine by the Center for Energy and Clean Air Research. organization based in Helsinki.
About two-thirds of that revenue, the equivalent of about $97 billion, came from oil and most of the rest from natural gas. “The current sales rate is unprecedented as prices are unprecedented and export volumes are close to all-time highs,” said Lauri Myllyvirta, an analyst who led the study.
Revenues from Russia’s fossil fuel exports exceed what the country spends on its war in Ukraine, the research center estimates. Ukrainian officials again called on countries and companies to completely stop all trade with Russia. “We are asking the world to do everything possible to cut off Putin and his war machine from all possible funding, but it is taking far too long,” said Oleg Ustenko, economic adviser to President Zelensky, from Kiev. Although Russian exports are beginning to decline somewhat in volume, rising prices have more than offset the effects. The EU made the most progress in cutting natural gas imports from Russia, buying 23% less in the first 100 days of the invasion than in the same period last year. But that dip was offset by India and the UAE, leading to no net change in Russian oil export volumes, the study found. Overall, China was the largest importer of Russian fossil fuels during the 100-day period. China imported the most oil; Japan was the largest buyer of coal.