During the six months of the war, from February 24 to August 24, Moscow had raised more from the exports of fossil fuels than it had spent on waging the war in Ukraine. This data was presented by the Center for Research on Energy and Clean Air (CREA), as cited by De Telegraaf.
The analysts estimated Moscow’s profit gained during this period at €158 billion, of which more than half was contributed by the EU. Meanwhile, the cost of the war for Russia amounted to approximately €100 billion.
The EU was revealed to be the largest importer of Russian fossil fuels, with its member states spending €85.1 billion. They were followed by China with €34.9 billion and Turkey with €10.7 billion.
The analytical center emphasized that, despite exports falling, Russia is still gaining record profits from energy sales.
According to CREA, the EU ban on imports of coal from Russia has been effective. After the ban entered into force, Russia’s coal export volumes fell to the lowest level since the war began.
"Russia failed to find other buyers to replace falling EU demand," CREA reports.
Context. Yesterday, the Kremlin said that Russia won’t resume gas supplies to Europe until Western sanctions are lifted.