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Putin 'rubbing hands with glee' as fossil fuel exports soar £52bn despite Ukraine war

NewsPutin 'rubbing hands with glee' as fossil fuel exports soar £52bn despite Ukraine war

Despite applying harsh sanctions on Moscow’s economy since the Russian President’s invasion of Ukraine on February 24, energy imports from Russia have been largely allowed to continue as normal. This is because Europe is heavily dependent on Russia for its energy supply, relying on Moscow for 45 percent of its gas supply in 2021. This reliance on Putin’s exports have come at a cost, as experts warn that revenues generated from Russian oil and gas sales have bankrolled Russia’s invasion of Ukraine.

According to a new detailed tracker of Russian oil, gas and coal shipments and pipeline exports by the Centre for Research on Energy and Clean Air (CREA), since Russia’s invasion, export revenues of Russian fossil fuels have soared by €62 billion (£52 billion) in the first two months of the country’s war against Ukraine.

This is the first full data set that tracks Russia’s fossil fuel exports at a granular level, down to which ports received fossil fuel shipments and when.

Bernice Lee, Research Director, Chatham House said: “Two months after Putin invaded Ukraine, Germany is still funding the Russian war chest to the tune of EUR4.5 million a month.

“Berlin is the largest buyer of Russian fossil fuels.

“The world is looking to Germany to demonstrate strength and determination towards Russia, but instead they’re bankrolling the war and blocking a European embargo on Russian oil.

“Germany touts itself as a global leader but at this juncture that means weaning itself off Russian energy as soon as possible, making its renewable energy plans more concrete and ensuring its G7 scales up clean energy finance globally.

“This – as Chancellor Scholz’s first test of leadership – is going to be a heavy but necessary lift. All eyes are on him”

This comes as reports of the atrocities in Bucha by Russian forces have given European countries a new drive to ban Russian energy.

READ MORE: Germany’s shocking Russian addiction exposed

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