Russia Makes Millions from Skyrocketing Fossil Fuel Prices – Damning Data: ‘Ban Now’ | World | New

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After the invasion of Ukraine on February 24, Western countries rushed to harm the Russian economy with sanctions against energy and fuel imports. However, despite the sanctions, Russia has earned €158bn (£136.952bn) from fossil fuel exports after six months of war with Ukraine.

A report from Finland-based Research Center for Energy and Clean Air (CREA) says Russia has benefited from record prices, partly increased due to sanctions.

They said: “Soaring fossil fuel prices mean Russia’s current revenues are well above those of previous years despite reduced export volumes.

Gas prices reached historic highs in Europe while oil prices rose sharply at the start of the war before falling back more recently, the report adds.

He then calculated that fuel sales added “€43bn (£37.274bn) to the Russian federal budget, helping to fund war crimes in Ukraine”.

Russia has earned billions from fuel prices despite EU sanctions since war in Ukraine (Image: GETTY)

Russia earned £136.952bn from fossil fuel exports after six months of war with Ukraine

Russia earned £136.952bn from fossil fuel exports after six months of war with Ukraine (Image: GETTY)

These figures were estimated for the first six months of the war after Russia invaded Ukraine from February 24 to August 24.

Over the six-month period, CREA estimated that the biggest importer of Russian fossil fuels was the EU, with a value of €85.1bn (£73.777bn).

The EU decided on a gradual embargo on its imports of petroleum and petroleum products, and also stopped buying Russian coal.

However, the EU is heavily dependent on Russian gas, with sanctions not including fuel at the time of writing despite multiple attempts to introduce measures.

However, the CREA believes that the EU coal embargo, which was implemented on August 10, has paid off with Russian exports since falling to their lowest level since the invasion. from Ukraine.

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CREA estimated that the biggest importer of Russian fossil fuels is the EU

CREA estimated that the biggest importer of Russian fossil fuels is the EU (Image: GETTY)

The ICA believes that rules

ACI says ‘stricter’ rules need to be put in place to keep Russian oil out of markets (Picture: EXPRESS)

In a scathing assessment of the EU measures, the CREA says “stricter” rules must be put in place to prevent Russian oil from entering markets where it is supposed to be banned.

The report finds that Western sanctions are now too easily circumvented, adding: “The EU should ban the use of European vessels and ports for transporting Russian oil to third countries.”

The UK has also been called on to ban the involvement of its insurance industry in such international shipments.

It comes as EU energy ministers clashed over the introduction of a Russian gas price cap, despite emergency talks.

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EU energy ministers clash over introducing price cap on Russian gas

EU energy ministers clash over introducing price cap on Russian gas (Picture: EXPRESS)

Speaking after talks in Brussels in response to soaring gas and electricity prices, EU Energy Commissioner Kadri Simson said ‘nothing is decided’ on proposals to cut revenues of Russia.

She defended the capping plan as reasonable, suggesting that “the context of this measure is that Russia is making huge profits by artificially manipulating and limiting supply to drive up prices”, and adding that ” the cap would reduce these profits”.

Countries that import large volumes of gas from Russia, such as Hungary, Slovakia and Austria, have spoken out against the cap proposal because they fear the Kremlin will stop all gas flows and plunge their country in recession.

Hungarian Foreign Minister Péter Szijjártó, who attended the meeting, said: “If price restrictions were to be imposed exclusively on Russian gas, this would obviously lead to an immediate cut in Russian gas supplies. It doesn’t take a Nobel Prize to recognize that.

Vladimir Putin threatened to

Vladimir Putin has threatened to ‘freeze’ Europe this winter if price caps are introduced (Picture: EXPRESS)

Vladimir Putin called Russia’s gas price cap proposals “stupid” and threatened to “freeze” Europe this winter if such a measure were accepted.

On Monday, the Kremlin said Russia would not fully resume gas supplies to Europe until the West lifts its sanctions against Moscow.

Kremlin spokesman Dmitry Peskov blamed sanctions “introduced against our country by Western countries, including Germany and the UK” for Russia’s failure to deliver gas through the Nord Stream 1 pipeline .

He added, according to the Interfax news agency: “There are no other reasons which would cause pumping problems”.

Mr Peskov also said that the full resumption of gas supplies from Russia via Nord Stream 1 was “undoubtedly” dependent on the West lifting its sanctions against Moscow.

The spokesman said: “It was these sanctions imposed by Western states that brought the situation to what we are seeing now.”

Additional reporting by Maria Ortega

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