Six Months of War, Russia Pockets Rp2.3 Quadrillion from Energy Exports

Market

Lite

Adi Ahdiat 14/10/2022 14:20 WIB

URL has been copied

Memuat...

During the six months of war with Ukraine, Russia earned €158 billion, or approximately Rp2.3 quadrillion, from fossil fuel exports, including oil, natural gas, and coal.

Top Importers of Russian Fossil Fuel Commodities During the First Six Months of the War (February 24 - August 24, 2022)

A Font Kecil
A Font Sedang
A Font Besar

Access single data

Six Months of War, Russia Pockets Rp2.3 Quadrillion from Energy Exports

Want to get more access to Data Stories with a more affordable price? Subscribe.

By subscribing, you join us in presenting quality data.

Get:

Premium Data Stories access
Comfortable reading without ads
Download data in XLS, PDF, and image format
Access to data source information

Basic

~~Rp100.000~~

Rp50.000/month

Professional

~~Rp100.000~~

Rp150.000/month

Institutional For organizations

We accept the following payments:

Some payment methods are still in the process of being activated.

Top Importers of Russian Fossil Fuel Commodities During the First Six Months of the War (February 24 - August 24, 2022)

Download

Source

A Small Font
A Medium Font
A Bigger Font

During the six months of war with Ukraine, Russia earned €158 billion, or approximately Rp2.3 quadrillion (at an exchange rate of Rp15,601 per euro), from fossil fuel commodity exports, including oil, natural gas, and coal.

This was revealed by the Finnish research institution, the Centre for Research on Energy and Clean Air (CREA), in its report *Financing Putin's War*, released in early October 2022.

"With the surge in fossil fuel prices, Russia's current revenue far exceeds previous years, even though export volumes have decreased this year," CREA stated in its report.

According to CREA, fossil fuel exports are the main source of funds used by Russia to build military strength and launch its aggression against Ukraine.

"Taxes and export tariffs on oil and gas account for more than 40% of the Russian federal budget annually. This revenue has historically correlated with Russian military spending," it stated.

CREA also found that during the six-month period of the Russo-Ukrainian war, from February 24 to August 24, 2022, Russia's fossil fuel commodities were mostly purchased by the European Union.

"Only a small portion of the EU's ban on Russian oil has been realized," said CREA.

The next largest buyers were China, Turkey, India, Japan, Egypt, and South Korea, with purchase values as shown in the graph.

In response to this situation, CREA urged countries buying Russian energy to immediately transition to clean energy.

"The energy transition will have a far greater impact than simply regulating the flow of fossil fuels, and will have a greater impact on the economy, health, and national security," CREA concluded.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."