Moscow continues to benefit from Europe’s energy dependence on Russian oil despite a reduction in sales due to sanctions imposed to pressure it to end its war against Ukraine, according to experts with a Finland-based research organization.
New research by the Center for Research on Energy and Clean Air (CREA) released on April 28 shows that Russia has nearly doubled its revenues from sales of fossil fuels to the EU during the two months of war in Ukraine.
Soaring prices have more than compensated Russia for the loss in sales volume due to sanctions, the research shows.
Researchers at CREA also say new sanctions promise to drive up prices, even more, nullifying efforts to prevent Russian President Vladimir Putin from using energy to pressure the EU and to finance the war against Ukraine.
Since the start of the war, Russia has sold 46 billion euros worth of energy resources to the European Union, and the figure continues to rise. This is about twice as much as the number of sales in the same period in 2021, according to CREA.
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