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
Reuters: US military carried out a new strike targeting a ship in the Caribbean Sea
Al Mayadeen's correspondent: Israeli raids targeted a cement plant, an asphalt factory, and fuel tanks in the Ansar area in South Lebanon
Al Mayadeen's correspondent: A series of violent Israeli raids targeted the outskirts of the town of Ansar
Al Mayadeen's correspondent: Israeli warplanes raided the outskirts of the town of Shmestar in Bekaa, eastern Lebanon
Donald Trump will speak with Russian leader Vladimir Putin on Thursday: White House
Al Mayadeen's correspondent in South Lebanon: Israeli warplanes raid the town of Bnaafoul, Saida district
YAF: Israeli enemy will pay for this crime.
Yemeni Armed Forces: Son of Major General Al-Ghamari martyred alongside him in Israeli aggression.
Yemeni Armed Forces: YAF mourns martyrdom of Chief of the General Staff Mohammad Abd al-Karim al-Ghamari.
Al Mayadeen's correspondent: Palestinian shot and killed by IOF east of Al-Bureij camp in the central Gaza Strip

Russia earns $98 billion from fuel exports in 100 days of Ukraine war

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Jun 2022 20:05
3 Min Read

Are sanctions really working when Russian oil revenue is only increasing?

  • x
  • Oil refinery against a sunset. (Getty Images)
    Oil refinery against a sunset (Getty Images)

During the first one hundred days of the war in Ukraine, Russia racked up $98 billion in fossil fuel exports, with most of them sent to the European Union, according to a Finland-based research facility report on Monday. 

A Finland-based facility called the Centre for Research on Energy and Clean Air (CREA) released the report at a time when Ukraine has been urging the West to sever all trade ties with Russia to cut off the country's financial lifeline. 

Read more: The US wants to take apart the Russian economy: Treasury


Earlier this month, the European Union agreed to put an end to all Russian oil imports, keeping in mind that Europe is heavily dependent on Russian energy. 

According to the report, the EU took 61% of total Russian fossil fuel exports, which amounts to $60 billion. The top importers were China, at 12.6 billion euros, Germany, at 12.1 billion euros, and Italy at 7.8 billion euros. 

The revenues come mostly from crude oil sales, which amount to 46 billion euros. Next are pipeline gas, oil products, and liquefied natural gas and coal.

Related News

Trump to meet Zelensky ahead of Putin summit announcement

Trump, Putin to meet in Budapest for talks on ending Ukraine war

Although Russia's exports plummeted in May, the global rise in fossil fuel prices continued to fill the Kremlin's coffers, with export revenues reaching record highs. 

All in all, the average export prices are 60% higher than last year, according to CREA.

China, India, the UAE, and France have increased purchases from Russia, according to the report.

“As the EU is considering stricter sanctions against Russia, France has increased its imports to become the largest buyer of LNG in the world,” said CREA analyst Lauri Myllyvirta.

"Since most of these are spot purchases rather than long-term contracts, France is consciously deciding to use Russian energy in the wake of Moscow’s invasion of Ukraine," Myllyvirta added, calling on an embargo on Russian fossil fuels so actions "align with words."

Read more: Putin - Europe's oil sanctions are 'economic suicide'

Russian official: Russia may benefit from EU oil sanctions

Russia's lower house chairman Vyacheslav Volodin said that Russia's economy may benefit from the EU oil embargo, which was recently imposed wholly on Russian oil as part of the 6th European package of sanctions. In return, EU members will be paying $268 billion per year for rising energy prices, throwing the old continent into a crisis. 

"Russia's possible losses caused by a ban on oil exports to Europe, according to experts, could amount to $22 billion a year. But due to surging energy prices, prompted by the sanctions and redirection of Russian oil markets to Asia, the costs can be fully compensated, with a possible profit for our economy," Volodin said on Telegram.

Read more: Russia doubles fossil fuel revenues since Ukraine war

He revealed that Europe will be paying over €250 billion ($268 billion) per year, other than the additional costs of enterprises' transition to new oil brands. 

"Washington is doing everything so that the main burden from the implementation of sanctions falls on European countries. It is deliberately weakening the EU economies to make them even more dependent on the US, seeking to govern countries that previously strived for greater independence. Now these states can hardly even think about it," Volodin added. 

  • Russia
  • germ
  • France
  • China
  • European Union
  • 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

Iran strikes secret Israeli-US bunker under Tel Aviv high-rise

Tel Aviv high-rise struck by Iran hid Site 81, secret US-Israeli base

  • Politics
  • 14 Oct 2025
Palestinian journalist Saleh al-Jaafarawi in an undated image in Gaza, occupied Palestine (Social media)

Gaza Palestinian journalist Saleh al-Jafarawi killed by collaborators

  • Politics
  • 12 Oct 2025
drop site

New report details extensive Israeli arson in Gaza after ceasefire

  • Politics
  • 13 Oct 2025
Illustration of fists breaking shackles, representing the liberation of Palestinian detainees from Israeli prisons. (Illustrated by: AL Mayadeen English/Batoul Chamas)

4 prominent Palestinian detainees to be freed: Who are they?

  • Palestine
  • 13 Oct 2025

Coverage

All
War on Gaza

Read Next

All
The bodies of deceased Palestinians, held by Israel during the war, lie in plastic bags on the floor of Nasser Hospital in Khan Younis, Gaza, following their release, Wednesday, Oct. 15, 2025 (AP)
Politics

'Israel' returns 30 Palestinian bodies; some bear marks of torture

Gaza buried under 70 million tons of war debris as crisis deepens
Politics

Gaza buried under 70 million tons of debris, 20,000 lingering UXOs

Ex-White House adviser Ashley Tellis charged over secret files
Politics

Ex-White House advisor accused of amassing troves of top secret files

An Israeli soldier rests by a mobile artillery unit at a gathering point on the border with the Gaza Strip, in southern “Israel”, Saturday, Oct. 11, 2025. (AP)
Politics

Global arms bans isolate 'Israel', yet its war machine keeps running

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