In 100 days of full-scale war with Ukraine, Russia has earned 93 billion euros from the export of fossil fuels. This is according to a report by the Center for Energy and Clean Air Research (CREA) titled "Financing Putin's War: Fossil Fuel Imports from Russia in the First 100 Days after the Invasion.
According to the experts, Russia received 93 billion euros in revenue from fossil fuel exports during the first 100 days of the war from February 24 to June 3. That is, the EU imported 61 percent of this volume to the tune of about 57 billion euros.
According to the study, the largest importers were China (€12.6 billion), Germany (€12.1 billion), Italy (€7.8 billion), the Netherlands (€7.8 billion), Turkey (€6.7 billion) ), Poland (4.4 billion euros), France (4.4 billion euros) and India (3.4 billion euros).
As noted, the volume of imports in May fell slightly by about 15%. Reduced demand and the lowered price of Russian oil in May cost the country about 200 million euros per day. However, increased demand for fossil fuels led to an unexpected result: average Russian export prices were on average 60% higher than last year, even if they were reduced to international prices.
China overtook Germany as the largest importer. China's imports were essentially constant, while Germany managed to moderate its oil imports from the RF. Poland and the U.S. reduced the RF's income. Relative to Lithuania, Finland and Estonia, they reached a sharp percentage reduction of more than 50%.
In April-May 68% of Russian crude shipments were carried by EU, British and Norwegian vessels, with only Greek tankers carrying 43%. As for shipments to India and the Middle East, the share was even higher - 80%. 97% of tankers were insured in only three countries: Great Britain, Norway and Sweden.