Russia’s coffers hold steady after 100 days of war, earnings reported as EUR 93 billion

Russia, the world’s largest supplier of fossil fuel, has generated more than EUR 93 billion in income from exports in the first 100 days of the conflict, according to statistical data released by the independent, Finland-based Centre for Research on Energy and Clean Air (CREA). The report was released on Monday, as Russian forces continued to make slow but steady progress in their attempt to totally control eastern Ukraine’s Donbas area.

This is despite a slew of unprecedented sanctions imposed by the West in reaction to its invasion of Ukraine, with the European Union being the top importer. According to CREA, the EU grabbed 61% of Russia’s fossil fuel exports during the first 100 days of the war, valued at almost EUR 57 billion. The average export prices were reported to be 60% higher than last year.

“Fossil fuel exports are a key enabler of Russia’s military buildup and brutal aggression against Ukraine,” the CREA report added. Russia’s fossil fuel revenues are led by crude oil ($48.2 billion), followed by pipeline gas ($25.1 billion), oil products ($13.6 billion), liquefied natural gas, or LNG, ($5.3 billion), and coal ($4.8 billion).

Overall, the leading importers were China with $13.2 billion, Germany with $12.7 billion, Italy with $8.2 billion, the Netherlands with $8.4 billion, Turkey with $7 billion, Poland with $4.6 billion, France with 4.5 billion, and India with $3.6 billion.

India has been a large importer of Russian crude oil, accounting for 18% of the country’s exports. According to the CREA, China, India, the United Arab Emirates, and France have increased their imports from Russia to benefit from the slashed prices. France became the largest buyer of LNG in the world.

Russia’s military aggression in Ukraine continues, with little to no evidence of a withdrawal of soldiers. Without divulging its goals, the Kremlin has attacked several towns and villages with missiles, encircled and eventually seized them, while Ukraine continues to fight back. Even while Russia’s exports fell in May due to nations and firms boycotting its supply due to the conflict, the global surge in fossil fuel prices continued to feed the Kremlin’s coffers, with export profits reaching record highs.