Since the start of the war against Ukraine, Russia has doubled its revenues from the sale of gas, oil and coal to the European Union. In two months, Russia received € 63 billion.
This was announced by the Finnish Center for Research on Energy and Clean Air (CREA).
In the two months of the war, Moscow sold € 44 billion worth of energy to the European Union, twice as much as in the same period in 2021. At the same time, procurement volumes decreased — oil imports to the EU fell by 20% and coal — by 40%. Gas imports have grown significantly.
The main buyer is still Germany. During the two months of the war, it imported € 9 billion in energy.
Russia continues to benefit from the EUʼs energy dependence and compensates for the loss of sales by rising prices. CREA says the new sanctions will further raise gas prices, nullifying Brusselsʼ efforts.
- The European Union is still discussing the abandonment of Russian energy resources in response to the military invasion of Ukraine. So far, the EU has imposed an embargo on Russian coal, which will take effect in August. The abandonment of Russian oil and gas is currently being discussed, but Austria, Hungary, and Germany oppose an embargo on gas from Russia, fearing an economic crisis.
- Meanwhile, Russia is using gas supplies as a weapon. Gas supplies to Poland and Bulgaria have already been suspended. Moldova may be left without gas from May 1.