Russia Generates Over $97 Billion From Oil Exports Since Ukraine Invasion

According to a recent report, Russia gained $97 billion from oil and gas exports over the first 100 days of the Ukrainian conflict.

Oil income has been declining since March, according to the independent Centre For Research on Energy and Clean Air (CREA), as many countries have spurned Russian energy supplies, but Russia’s energy revenues remain strong.

The EU, the United States, and the United Kingdom are among those who have vowed to cut Russian imports.

Generally, energy sales have fallen from a high of well over $1 billion per day in March, but Russia still made $97 billion from fossil fuel exports in the first 100 days of the Ukraine conflict, from February 24 to June 3, according to the CREA analysis.

The European Union accounted for 61 per cent of total imports, valued at $59 billion.

According to the study, Russia is spending $876 million a day on the invasion.

By the end of 2022, the EU has pledged to lower Russian gas imports by two-thirds within a year and eliminate Russian oil imports coming by sea.

Large volumes of Russian crude oil are now being sent to India, according to the CREA research, which has boosted its part of Russia’s overall crude exports from roughly 1% before the invasion of Ukraine to 18% in May.

France, China, the United Arab Emirates, and Saudi Arabia were among the countries that raised their purchases of Russian oil, according to the research.

According to the study, energy revenues are used to fuel the war against Ukraine.