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But that dip was made up by India and the United Arab Emirates, leading to no net change in Russia’s oil export volumes, the research showed. The European Union also reduced its imports of Russian crude oil, which declined 18 percent in May. Still, income at Gazprom, Russia’s state-owned gas giant, remained about twice as high as the year before, thanks to higher gas prices, the Center for Research on Energy and Clean Air found. The European Union made most progress on reducing its imports of natural gas from Russia, buying 23 percent less in the first 100 days of the invasion than the same period the previous year. The research found Russia’s export prices for fossil fuels have been on average around 60 percent higher than last year, even accounting for the fact that Russian oil is fetching about 30 percent below international market prices.Įurope, particularly, has struggled to wean itself from Russian energy, even as many countries send military aid to Ukraine. Though Russia’s fossil fuel exports have started to fall somewhat by volume, as more countries and companies shun trading with Moscow, surging prices have more than canceled out the effects of that decline. You need to stop importing Russian oil,” he said. “You can stop importing Russian caviar and Russian vodka, and that’s good, but definitely not enough. Still, the underlying finding was the same, he said: Fossil fuels continue to fund Russia’s war. Ustenko described the research center’s numbers as seeming on the conservative side. Ukraine has also been tracking Russia’s exports, and Mr.

Prisoners of War: Poorly trained Russian soldiers captured by Ukraine describe being used as cannon fodder by commanders throwing waves of bodies into an assault.

Arms Supply: Ukraine and its Western allies are trying to solve a fundamental weakness in its war effort: Kyiv’s forces are firing artillery shells much faster than they are being produced.

Bakhmut: With Russian forces closing in, Ukraine is barring aid workers and civilians from entering the besieged city, in what could be a prelude to a Ukrainian withdrawal.

Russia’s Heavy Losses: Weeks of failed attacks on the Ukrainian stronghold of Vuhledar have left two Russian brigades in tatters, renewing doubts about Moscow’s ability to maintain its offensive.

The revenue from Russia’s fossil fuel exports exceeds what the country is spending on its war in Ukraine, the research center estimated, a sobering finding as momentum shifts in Russia’s favor as its forces focus on important regional targets amid a weapons shortage among Ukrainian soldiers.

In 2021, revenue from oil and gas alone made up 45 percent of Russia’s federal budget, according to the International Energy Agency. “The current rate of revenue is unprecedented, because prices are unprecedented, and export volumes are close to their highest levels on record,” said Lauri Myllyvirta, an analyst who led the center’s research.įossil fuel exports have been a key enabler of Russia’s military buildup.

About two-thirds of those earnings, the equivalent of about $97 billion, came from oil, and most of the remainder from natural gas. Russia earned what is very likely a record 93 billion euros in revenue from exports of oil, gas and coal in the first 100 days of the country’s invasion of Ukraine, according to data analyzed by the Center for Research on Energy and Clean Air, a research organization based in Helsinki, Finland. Yet Russia’s revenues from fossil fuels, by far its biggest export, soared to records in the first 100 days of its war on Ukraine, driven by a windfall from oil sales amid surging prices, a new analysis shows.

Russia’s invasion of Ukraine triggered global condemnation and tough sanctions aimed at denting Moscow’s war chest.