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Russia has nearly doubled its fossil fuel revenues in the two months since the war. Germany is the largest importer

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Moscow received about 62 billion euros in oil, gas and coal exports in two months, with Germany being the largest importer, reports The Guardian.

Russia has received about 62 billion euros in oil, gas and coal exports in the two months since the start of the invasion of Ukraine, according to an analysis of shipping and freight movements conducted by the Energy and Clean Air Research Center ( “Center for Research on Energy and Clean Air” – CREA).

For the EU, imports have been worth about 44 billion euros in the last two months, compared to about 140 billion euros for the whole of last year, or about 12 billion euros a month.

The study shows how Russia has continued to benefit from its hegemony in energy supplies in Europe, even though Western states have tried hard to prevent Vladimir Putin from using oil and gas as an economic weapon.

Although exports from Russia were reduced due to war and sanctions, Moscow’s supremacy as a source of gas meant that the supply disruption only caused prices to rise, which were already high due to reduced supply as a result of the COVID pandemic. 19.

Shipments of crude oil from Russia to foreign ports fell by 30% in the first three weeks of April compared to January and February, before the invasion, according to CREA data.

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However, Russia’s revenues are rising due to high oil and gas prices, with direct funding from the Russian government through state-owned companies, despite export sanctions.

Russia has caught the European Union in a trap, with prices set to rise further as a result of further restrictions. As a result, Moscow is able to balance its revenues despite the efforts of EU governments.

“Exports of fossil fuels are a key element of Putin’s regime and many other countries’ wrongdoing. Relentless energy imports are major gaps in Russia’s sanctions. All those who buy these fossil fuels are complicit in the horrific violations of international law by the Russian military, “said Lauri Myllyvirta, CREA’s chief analyst.

Russia’s willingness to breach its own contracts means that companies now have no excuse to continue trading with Russia, said Louis J Wilson, chief adviser to Global Witness, a human rights organization.

“Leading fossil fuel traders, who have continued to trade fossil fuels in Russia, claiming that they are being forced into their long-term contracts, should take note of the value of their agreements with Russian entities,” Wilson said.

“Russia is willing to break these contracts to support its own war effort, but European companies are supposed to feel compelled to continue to fund war crimes out of respect for them,” he said.

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CREA data revealed that many fossil fuel companies continued to trade with Russia, including BP, Shell and ExxonMobil.

Germany has been the largest importer for the past two months, despite repeated government statements that eliminating dependence on Russian oil is a priority.

Berlin paid about 9 billion euros for imports during that period. Italy and the Netherlands were also major importers, with around € 6.8 billion and € 5.6 billion respectively. However, due to the fact that these countries operate major ports, which take over products for refining and use in the chemical industries, as well as for domestic consumption, many of those imports were probably used elsewhere.

“Two months after Putin invaded Ukraine, Germany is still financing the” Russian war chest “worth 4.5 billion euros a month. Berlin is the largest buyer of fossil fuels in Russia. The West is waiting for Germany to show its strength and determination towards Russia, but instead it is financing the war and blocking the European embargo on Russian oil. ” said Bernice Lee, research director at the Chatham House expert group.

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