Despite European Union sanctions against Russia, which are expected to affect almost three quarters (3/4) of Russian oil and gas exports, the world’s largest country continues to make its oil and gas cheap.
Since the start of Russian military operations on Ukrainian territory, Russian oil and gas exports have reached an amount of more than 97 billion US dollars, according to the report of an Independent Research Center (CREA) published on Monday, August 8 2022 and which particularly pinpoints France.
From February 24 to June 3, 2022, Russia exported exactly 93 billion euros – of fossil fuels over a period that corresponds to the first 100 days of the conflict in Ukraine.
According to CREA, the European Union (EU) accounted for 61% of fossil imports, or around 57 billion euros, over the first 100 days of the war (February 24 – June 3). The biggest importers were China (12.6 billion euros), Germany (12.1 billion) and Italy (7.8 billion).
According to TF1 info, which quotes the same report, the European Union remains the main buyer of these exports, including France, which has maintained its supply of Russian gas despite sanctions taken against other sectors of the Russian economy.
The figure makes it possible to grasp the strategic importance of the Russian energy sector in world trade, and the financial windfall it represents for the Kremlin (50% of the federal budget according to the Senate) while many other sectors of the Russian economy collapse under the effect of Western sanctions and its GDP falls sharply.
According to the same experts, speaking on the Israeli television channel, Russia spends nearly 816 million USD a day to support the war efforts.
This publication from the Center for research on energy and clean Air (CREA), based in Finland, comes as Ukraine urges Westerners to cut off all trade with Russia to stop feeding the Kremlin’s war chest.
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