Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Joint statement: The United States will cut down tariffs on Chinese goods from 145% to 30%, while China will cut down tariffs on American goods from 125% to 10% for the same period
US-China trade talks joint statement: Agreement to temporarily reduce tariffs for 90 days
Al-Qassam Brigades spokesperson Abu Obaida: Al-Qassam has decided to release the Zionist soldier holding American citizenship, Edan Alexander, today
Israeli media: The army was informed of a ceasefire in Gaza to release captive Idan Alexander, starting 12 pm
Qatari Foreign Ministry: Qatar and Egypt welcome Hamas' announcement of its agreement to release American Aidan Alexander.
Hamas says to release US captive Edan Alexander.
Al Mayadeen's sources: Trump will announce that Hamas will release US captive Edan Alexander from Gaza.
Al Mayadeen correspondent: Israeli aircraft bombed the coastal province of Hodeidah on the Red Sea, west of Yemen.
The Israeli occupation military issues a bombing threat against the Yemeni ports of Ras Isa, Hodeidah, and Salif.
UKMTO says vessel reported a small craft colliding with it, attempting to collide with other vessels in the area

Russia doubles fossil fuel revenues since Ukraine war

  • By Al Mayadeen Net
  • Source: Agencies
  • 28 Apr 2022 12:07
  • 2 Shares
4 Min Read

In two months, the country has received about €62bn from oil, gas, and coal exports with Germany as the biggest importer. 

  • x
  • Russia doubles fossil fuel revenues since Ukraine
    Russia doubles fossil fuel revenues since Ukraine.

From selling fossil fuels to the EU, Russia has nearly doubled its revenues during the two months of the war in Ukraine, benefitting from soaring prices even as volumes have been reduced. 

According to a Centre for Research on Energy and Clean Air examination of shipping movements and cargos, Russia has received around €62 billion from oil, gas, and coal exports in the two months since the operation began.

Imports into the EU totaled nearly €44 billion in the last two months, compared to about €140 billion for the entire year last year, or about €12 billion per month.

Even though Russia's exports have been restricted by the war and sanctions, the country's supremacy as a source of gas has meant cutting off supplies for refusing the Russian terms of payment, sending prices through the roof, which were already high due to tight supply as global economies recovered from the Covid-19 outbreak.

Oil shipments plummet 

According to CREA data, crude oil shipments from Russia to international ports plummeted by 30% in the first three weeks of April compared to rates in January and February prior to the operation.

However, the higher prices Russia can now command for its oil and gas mean that its profits, which flow practically straight to the Russian government through state-owned enterprises, have increased even as sanctions and export restrictions pinch.

Related News

Trump urges Kiev to join Putin talks 'IMMEDIATELY' to end 'BLOODBATH'

Turkey ready to host Russia-Ukraine talks as ceasefire push grows

Russia has essentially caught the EU in its own trap, in which additional limitations will boost prices even further, padding its income despite EU politicians' best efforts to choke the country with sanctions.

Russia, yesterday, cut off fossil fuel supplies to Poland and Bulgaria, causing an outcry.

Trade ongoing with Russia

According to CREA data, several fossil fuel companies, including BP, Shell, and ExxonMobil, continue to undertake significant trade with Russia.

Despite repeated official assurances that reducing reliance on Russian oil was a top priority, Germany was the largest importer in the last two months. During that time, the country spent almost €9 billion on imports.

Italy and the Netherlands were also significant importers, with approximately €6.8 billion and €5.6 billion, respectively, but because those countries have major ports that take in products for refining and use in the chemical industries, as well as for domestic consumption, many of those imports were likely used elsewhere.

"In collaboration with governments, we have stated our intention to depart our joint ventures with Gazprom and allied organizations, as well as phase-out of Russian hydrocarbons," according to a Shell representative.

We have ceased all spot purchases of Russian crude, liquefied natural gas, and cargos of refined products directly exported from Russia since announcing this intention.

Read next: Germany to pay for Russian gas per Russian conditions

Moreover, a spokesperson for Exxon said, “We support the internationally coordinated efforts to bring Russia’s unprovoked attack to an end, and we are complying with all sanctions. We have not made any new contracts for Russian products since the Russian operation, and there are no deliveries of Russian crude or refined products currently scheduled for the UK. We will not invest in new developments in Russia.”

“Two months after Putin invaded Ukraine, Germany is still funding the Russian war chest to the tune of €4.5bn a month. Berlin is the largest buyer of Russian fossil fuels,” Bernice Lee, a research director at the Chatham House thinktank, told the Guardian.

“The world is looking to Germany to demonstrate strength and determination towards Russia, but instead they’re bankrolling the war and blocking a European embargo on Russian oil.”

  • Russia
  • Germany
  • Fossil Fuels
  • Ukraine
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • 9 May 2025
Pakistan downs an Indian jet and hits a military base in Kashmir escalation.

Pakistan downs 3 Indian jets, hits military base in Kashmir escalation

  • Politics
  • 7 May 2025
A Yemeni gunman walks past paintings depicting rockets and scenes in solidarity with Gaza, displayed on a roadside fence in Sanaa, Yemen, Monday, May 5, 2025 (AP)

Oman brokers US-Yemen ceasefire, Israelis in dark regarding deal

  • Politics
  • 6 May 2025
Saree

Yemeni Armed Forces target key Israeli sites, USS Truman

  • MENA
  • 7 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
This Sept. 29, 2018 file photo shows idle cargo and oil tanker ships at the port of Hodeida, Yemen. (AP)
Politics

'Israel' issues threats to three Yemeni ports

Ukrainian President Volodymyr Zelensky speaks during a briefing in Kiev, Ukraine, Tuesday, March 25, 2025. (AP Photo/Efrem Lukatsky)
Politics

Zelensky agrees to meet Putin in Istanbul, demands ceasefire first

A boy holds an empty pot over his head as he waits for donated food at a community kitchen in Khan Younis, in the southern Gaza Strip, Friday, May 9, 2025 (AP)
Politics

US-Gaza ceasefire negotiations intensify amid Trump-Netanyahu split

AP
Politics

Hamas to free Edan Alexander as part of Gaza deal: Al-Hayya

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS