Russia earned $97bn from oil and gas exports during the first 100 days of the war in Ukraine, according to a new report.
According to the independent Centre For Research on Energy and Clean Air (CREA), oil revenues have been falling since March, after many countries shunned Russian energy supplies, but Russia’s revenues from energy is still high.
The EU, US and UK are among those to have pledged to cut Russian imports. Overall, energy sales has also declined from a peak of well over $1bn a day in March but Russia still earned $97bn in revenue from fossil fuel exports in the first 100 days of the Ukraine conflict, from 24 February to 3 June, the CREA report found.
The European Union made up 61% of these imports, worth approximately $59bn.
The report added that Russia is spending around $876m per day on the invasion. The EU committed to reducing gas imports from Russia by two-thirds within a year and by banning Russian oil imports arriving by sea by the end of 2022.
The CREA report warned large quantities of Russian crude oil were now being shipped to India, which increased its share of Russia’s total crude exports from around 1% before the invasion of Ukraine to 18% in May.
As well as India, other countries that increased imports of Russian fuel included France, China, the United Arab Emirates and Saudi Arabia, the report said. The report means Energy sales are funding the war in Ukraine.