100 Days of War, Russia "Surplus" Billions of Euros from Energy Exports

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Adi Ahdiat 21/07/2022 11:30 WIB

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CREA estimates that Russia's fossil fuel export revenues exceeded its military financing needs during the first 100 days of the war.

Russia's Energy Export Revenue and Military Financing in the First 100 Days of the War

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100 Days of War, Russia "Surplus" Billions of Euros from Energy Exports

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Russia's Energy Export Revenue and Military Financing in the First 100 Days of the War

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The Centre for Research on Energy and Clean Air (CREA) estimates that Russia achieved a "surplus" of billions of euros in the first 100 days of its invasion of Ukraine.

This is explained by CREA in its research report titled *Financing Putin's War*, released on June 13, 2022.

CREA states that Russia's military offensive in Ukraine was largely financed by energy commodity exports, such as oil, natural gas, and coal.

"Revenue from fossil fuel exports became the main supporter of the financing of Russia's military and aggression against Ukraine," CREA stated in its report.

In the first 100 days of the war, from February 24 to June 3, 2022, CREA estimates that Russia earned €93 billion (approximately Rp1.42 quadrillion, assuming an exchange rate of Rp15,322 per euro) from fossil fuel exports.

Meanwhile, Russia's military financing needs were estimated at €840 million per day, or €84 billion over the first 100 days of the war.

From these calculations, Russia is estimated to have had a surplus of €9 billion (approximately Rp137 trillion) from energy exports alone.

"Russia's revenue from fossil fuel exports exceeded the amount of military financing throughout the first 100 days of the war," CREA clarified in its report.

CREA urged countries to limit or even stop purchasing fossil fuels from Russia to help end the war in Ukraine.

"Make plans to replace Russian fossil fuels with clean energy as soon as possible," added CREA.

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."