Russia’s fossil fuel revenue about $100 billion in 100 days of war, report says
Over the first 100 days of the war in Ukraine, France was the largest importer of Russian liquefied natural gas, the Finland-based research center found, while Germany bought the most Russian pipeline gas. China imported the most oil from Russia, and Japan imported the most coal.
As Western governments sought to pressure Moscow and many countries scrambled to wean themselves off Russian energy, the volume of Russia’s fuel exports fell 15 percent in May compared with the period before the invasion. But high fuel prices caused by rising global demand have kept money flowing into Moscow’s coffers, the report said, noting that Russia’s export prices were on average 60 percent higher than last year.
And a few countries increased imports of Russian fuel during the first 100 days of the war, including France, India, China, the United Arab Emirates and Saudi Arabia, the research center said.
France, Belgium and the Netherlands benefited from buying liquefied natural gas and crude oil on the spot market, it added. The purchases were made outside of preexisting contracts, “representing an active purchase decision,” according to the report.
France’s ecology ministry questioned the report’s methodology. It said that the country was a popular fuel import destination as it has four liquefied natural gas terminals, but that did not mean it was the final destination for the gas. In an emailed response to questions about spot-market purchases, a ministry spokeswoman said: “French authorities are determined, in close collaboration with all of their European partners, to diversify sources of supply, slash dependence [on Russian fuel] and reduce gas consumption.”
A spokesman for the Dutch Ministry of Economic Affairs and Climate Policy, Tim van Dijk, said in an emailed response that “it would be better to ask the companies which are involved as they know all the details.” Belgium’s energy ministry did not respond to a request for comment early Tuesday.
After weeks of negotiations, the European Union reached an agreement late last month to phase out Russian oil, but with an exception for pipeline deliveries, as a concession to Hungary. The mounting evidence of war crimes and gruesome images of bodies lying in the streets of Bucha, in Kyiv’s suburbs, spurred the 27-nation bloc to announce a phaseout of Russian coal and debate an oil embargo.
European Council President Charles Michel said the deal to end seaborne deliveries within months would cover more than two-thirds of oil imports from Russia, cutting off “a huge source of financing” for the…
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