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Revenues of €158 billion obtained by Russia from exports



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Russia has earned 158 billion euros from fossil fuel exports in six months of war, taking advantage of high prices, according to the report of an independent research center published on Tuesday, which calls for more effective sanctions, reports the AFP agency, quoted by Agerpres . The research center believes, however, that the European coal embargo – implemented on August 10 – has paid off, with Russian exports since then falling to their lowest level since the invasion of Ukraine.

“The explosion in fossil fuel prices means that Russia’s current revenues are well above those of previous years, despite reductions in exported volumes”, underlines the report drawn up by the Center for research on energy and clean Air (CREA), based in Finland.

Gas prices have reached all-time highs in Europe, while the price of oil has risen significantly since the start of the war, before falling recently.

“We estimate that fossil fuel exports contributed 43 billion euros to the Russian federal budget, helping to finance war crimes in Ukraine,” the authors calculated.

These figures were estimated for the first six months of the war after Russia’s invasion of Ukraine, from February 24 to August 24.

During this period, CREA estimates that the main importer of Russian fossil fuels was the European Union (for 85.1 billion euros), followed by China and Turkey.

The EU has decided on a progressive embargo on its imports of oil and oil products. It has also already put an end to coal purchases, but Russian gas, on which it is highly dependent, is not considered for now.

The research center believes, however, that the European coal embargo – implemented on August 10 – has paid off, with Russian exports since then falling to their lowest level since the invasion of Ukraine. “Russia failed to find other buyers”, write the authors of the report.

Instead, CREA believes that “stricter” rules must be implemented to prevent Russian oil from entering markets where it is supposed to be prohibited. Western sanctions are today too easily evaded, according to him.

“The EU must prohibit the use of European ships and ports for the transport of Russian oil to third countries,” the report estimates. The United Kingdom is also urged to prohibit the involvement of its insurance sector in such international transport.

For their part, the G7 countries decided on Friday to “emergency” cap the price of Russian oil, a complex mechanism to implement and which is meant to deal a new blow to Moscow’s energy revenues.