Since the war of Ukraine began, Russia’s energy exports have soared to $158 billion, greatly exceeding prior years, with the EU contributing for more than half.
Europe’s natural gas prices have reached record highs as a result of Russia’s decision to cut off 
supplies.
The Centre for Research on Energy and Clean Air (CREA) recommended for more effective sanctions against Moscow in response to the invasion-induced spike in oil, gas, and coal prices.
Since the beginning of the invasion, fossil fuel exports have provided around 43 billion euros to Russia’s federal budget, helping to support war crimes in Ukraine, according to CREA.
The CREA estimates that the European Union was the largest importer of Russian fossil fuel exports during this time period, spending 85,1 billion euros.
China came in second with 34,9 billion euros, followed by Turkey with 10,7 billion euros.
Germany was the largest importer within the EU, purchasing 19 billion euros worth of fossil fuels from Russia over the six-month period.
These numbers reflect the six months following Russia’s initial invasion of Ukraine on February 24.
The Centre for Research on Energy and Clean Air (CREA) recommended for more effective sanctions against Moscow in response to the invasion-induced spike in oil, gas, and coal prices. Pictured: A tanker transporting natural gas (file image)
Despite this year’s decreases in export volumes, CREA reported that Russia’s current revenues are significantly higher than those of prior years due to soaring fossil fuel prices.
The data indicates that Russia’s export volumes decreased by 18%.
As a result of the invasion, crude oil prices increased, although they have since decreased.
Since the start of the war, the EU has reduced imports from Russia by 35%.
According to the CREA, it has ceased acquiring Russian coal, which has been effective.
As a result of the prohibition, Russian coal shipments reached their lowest level since the beginning of the war.
According to the CREA, Russia was unable to find alternative purchasers to compensate dropping EU demand.
However, it has demanded stricter standards and enforcement for Russian oil exports and asked the EU and the UK to utilize their influence in global shipping.
The CREA stated, “The EU must prohibit the use of European-owned ships and European ports for transporting Russian oil to third nations, and the United Kingdom must stop permitting its insurance business to participate in this trade.”
As a result of the invasion, crude oil prices increased, although they have since decreased. Featured: a tanker at the Nakhodka terminal (file image)
The EU is only phasing out oil imports from a single country and has not imposed any restrictions on the importation of natural gas, upon which it is strongly dependent.
However, Russia has slashed natural gas exports to the EU and said this week that they will not resume unless Western sanctions are eased.
Meanwhile, G7 nations pledged on Friday to move on with plans to put a price cap on Russian crude oil, a move that would deprive Russia of a substantial portion of its oil export earnings.
The United States has advocated for months for the adoption of a price cap, alleging that Western sanctions on Russian energy supplies contributed to price increases that helped Moscow finance its war effort.
Robert Habeck, the German economy minister, stated Wednesday that his country no longer expects Russia to begin gas imports.
In July and August, India and China imported much more coal and crude oil from Russia than in February and March, according to the group.