- Russia gained €100 billion from oil and gas exports in the first 100 days of the Ukraine crisis.
- Moscow’s earnings from energy sales have fallen from a high of well over $1 billion per day in March.
- However, they continue to surpass publicly publicised projections of the cost of the war.
Russia gained about €100 billion from oil and gas exports; in the first 100 days of the Ukraine crisis, albeit profits fell in May.
The paper, published by the independent Centre for Research on Energy and Clean Air; also warns of potential gaps in EU and US efforts to curb Russian imports.
Russian oil and gas exports are declining, and Moscow’s earnings from energy sales has fallen; from a high of well over $1 billion per day in March.
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However, by historical standards, they remain extremely expensive and continue to surpass publicly publicised projections; of the cost of the Ukraine war.
The EU’s proposed oil embargo, according to the paper will have a huge impact. However, it cautions that substantial amounts of Russian crude are increasingly being sent to India; where they are processed and sold to clients in the United States and Europe.
According to the research, as Russia seeks new markets for its oil, much of it is delivered by ship; with the bulk of the boats being owned by Europeans.
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