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Russia earned more than $96 billion from fossil-fuel exports in first 100 days of war, report says

Druzhba oil pipeline (участник Водник/WikiCommons)

This article was originally published by Radio Free Europe/Radio Liberty and is reprinted with permission.

Russia earned 93 billion euros ($96.8 billion) from fossil-fuel exports during the first 100 days of its war in Ukraine, a new report shows.

The European Union imported 61 percent of Russia’s fossil-fuel exports during the period, according to the report by the Center for Research on Energy and Clean Air (CREA).

Russia’s fossil-fuel revenues come first from the sale of crude oil, followed by pipeline gas, oil products, liquefied natural gas (LNG), and coal.

The independent, Finland-based researcher issued its report on June 13 as Kyiv continues to urge the West to sever all trade with Russia in the hopes of cutting off its financing for the war.

The EU last month agreed to a compromise deal that cuts imports of Russian oil by more than two-thirds by targeting Russian oil delivered by sea while temporarily exempting oil delivered by pipeline.

The CREA report says that the global rise in fossil-fuel prices meant that the Kremlin’s coffers continued to be filled even as Russia’s exports plummeted in May as countries shunned its supplies.

Russia’s average export prices were about 60 percent higher than last year, helping Russia’s export revenues to reach record highs, according to CREA.

China, India, the United Arab Emirates, and France, are among the countries that have increased their purchases of fossil fuels from Russia.