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European Union spent more on Russian fossil fuels than Ukraine aid in 2024.
The Kremlin has exported nearly $1T in fossil fuels since the beginning of the war on Ukraine.
Despite a raft of sanctions and tough talk against Russian President Vladimir Putin, Europe could not seem to kick its dependence on Russian fuel last year.
The European Union (EU) spent $23 billion on Russian oil and gas in the third year of the war on Ukraine, more than the $19.6 billion in financial aid it offered to the war-ravaged nation last year, according to the Centre for Research on Energy and Clean Air.
Russia’s stronghold over non-EU markets also increased – China purchased $82 billion in Russian fuel, India bought $51 billion and Turkey bought $36 billion.
Russia earned $254 billion from fossil fuel exports last year, a 3% drop over the previous year.
Despite Western bans on Russian crude and refined products, Russian oil exports are down a mere 8% since before the invasion of Ukraine. The Kremlin has made close to $1 trillion from oil exports since February 2022.
Russia relied on its "shadow" fleet of 585 oil tankers to transport many of its exports, intended to mask their origins. Russia purchases aging ships from European owners, frequently reflags the ships and uses shell companies to obscure their Russian origins.
Russia also exports oil to third-party states that have not placed sanctions on Moscow, who in turn sell it to the West.
CREA’s analysis found that tighter sanctions could slash Kremlin revenues by as much as 20%.
Last week, the EU adopted its 16th package of sanctions against Russia in an effort to crack down on Russia’s shadow vessels.
www.foxnews.com
The Kremlin has exported nearly $1T in fossil fuels since the beginning of the war on Ukraine.
Despite a raft of sanctions and tough talk against Russian President Vladimir Putin, Europe could not seem to kick its dependence on Russian fuel last year.
The European Union (EU) spent $23 billion on Russian oil and gas in the third year of the war on Ukraine, more than the $19.6 billion in financial aid it offered to the war-ravaged nation last year, according to the Centre for Research on Energy and Clean Air.
Russia’s stronghold over non-EU markets also increased – China purchased $82 billion in Russian fuel, India bought $51 billion and Turkey bought $36 billion.
Russia earned $254 billion from fossil fuel exports last year, a 3% drop over the previous year.
Despite Western bans on Russian crude and refined products, Russian oil exports are down a mere 8% since before the invasion of Ukraine. The Kremlin has made close to $1 trillion from oil exports since February 2022.
Russia relied on its "shadow" fleet of 585 oil tankers to transport many of its exports, intended to mask their origins. Russia purchases aging ships from European owners, frequently reflags the ships and uses shell companies to obscure their Russian origins.
Russia also exports oil to third-party states that have not placed sanctions on Moscow, who in turn sell it to the West.
CREA’s analysis found that tighter sanctions could slash Kremlin revenues by as much as 20%.
Last week, the EU adopted its 16th package of sanctions against Russia in an effort to crack down on Russia’s shadow vessels.
European Union spent more on Russian fossil fuels than Ukraine aid in 2024
The European Union spent $23 billion on Russian oil and gas last year while only offering Ukraine $19.6 billion in military aid to fend off Russia's invasion.
