Russian Energy Sales Fully Offset War Costs

by Olha Povaliaieva
Wednesday, September 7, 2022
Russian Energy Sales Fully Offset War Costs

And even got a plus of €58 billion 

The Finnish Center for Energy and Clean Air Research conducted a study showing that by selling energy, Russia earned more than it spent on the war. According to CREA data, as of February 24 (the date of the start of the war against Ukraine), Russia earned €158 billion from the sale of energy products. At the same time, the cost of the war today is estimated at €100 billion.

CREA specialist Lauri Millivirta said that despite the drop in exports, Russia "is still getting record revenues." That is why, firstly, it is necessary to impose a marginal cost on Russian gas.

"To combat this, governments should impose tariffs or price caps on imports from Russia and accelerate energy conservation measures. First of all, it is necessary to reduce the consumption of oil and gas by accelerating the use of clean energy and electrification through heat pumps and electric vehicles," Lauri Millivirta.

The CREA report displays the volumes of marine and pipeline exports of fossil fuels from February 24 to August 24, 2022. The largest exporter of Russian oil, gas and coal is the European Union — €85 billion, followed by China — €35 billion. Germany became the largest exporter of the European Union — €19 billion.

We remind you that with the start of autumn and the upcoming heating season, Russia has moved from veiled gas blackmail to direct.

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