According to a new analysis, Russia is still generating record revenues from fossil fuels, which significantly exceed the costs of the war against Ukraine. Germany is at the forefront as a customer.
As Spiegel reports citing the Finland-based Center for Research on Energy and Clean Air (CREA), revenue in the period was the equivalent of 158 billion euros. The war costs are estimated at 100 billion euros.
The analysis records the exports of oil, gas and coal between February 24 and August 24 of this year, while data from shipping and pipeline transport was evaluated. These showed that the EU was the largest buyer of the supplies with 85 billion euros, followed by China with 35 billion euros. Within the EU, Germany was ahead with a volume of 19 billion euros, making it the second largest buyer of Russian fossil fuels in the world, right behind China. CREA analyst Lauri Myllyvirta explained that Russia is “still making record profits” with fossil fuels despite falling export volumes.
“To combat this, governments must introduce tariffs or price caps on imports from Russia and speed up energy saving measures,” Myllyvirta demanded. Above all, oil and gas consumption must be reduced “by accelerating the use of clean energy and electrification through heat pumps and electric vehicles”.
Despite efforts to reduce it, Germany is still dependent on Russian energy imports, especially since the beginning of the war.
