Russia earns 93 billion euros from energy exports - France increases purchases
Russia has earned 93 billion euros in revenue from fossil fuel exports in the first hundred days of its war against Ukraine, according to an analysis. According to the report released Monday by the Finland-based Centre for Research on Energy and clean Air (CREA), the EU remains by far the largest buyer of Russian gas and oil.
According to CREA, between Feb. 24 and June 3, the EU accounted for 61 percent of Russia's fossil fuel exports. This is equivalent to 57 billion euros, according to the report. Among individual countries, China was the most important customer with 12.6 billion euros, ahead of Germany with 12.1 billion and Italy with 7.8 billion.
Russia's revenues come primarily from the sale of crude oil with 46 billion euros, followed by gas in pipelines with 24 billion euros. The rest of the revenue comes from the sale of petroleum products, liquefied natural gas (LNG) and finally coal.
France increases energy purchases from Russia
Although the European Union recently adopted a gradual embargo - with exceptions - on its oil imports from Russia. Russian gas, on which the economic bloc is heavily dependent, has not been affected so far, however. Although imports fell in May and Russia is forced to sell its natural resources on international markets at knock-down prices, the Kremlin is benefiting from skyrocketing global energy prices.
While some countries such as Poland, Finland and the Baltic states have reduced their imports since the war began, others such as China, India and EU member France have increased their purchases. "While the EU is considering tougher sanctions against Russia, France has increased its imports, becoming the world's largest buyer of Russian LNG," CREA analyst Lauri Myllyvirta said.
The expert stressed that the imports are spot deals, not long-term supply contracts. This means that France has deliberately chosen to use Russian energy despite the invasion of Ukraine. (afp/dl)
Translated with www.DeepL.com/Translator (free version)