“The sharp rise in fossil fuel prices means that Russia’s current revenues are much higher than in previous years, despite the reduction in volumes,” the report said. “We estimate that fossil fuel exports contributed €43 billion to Russia’s budget to help finance war crimes in Ukraine,” the report said. These are figures for the first six months of the Russian invasion of Ukraine (24 February – 24 August).
The largest importer was the European Union (good for 85.1 billion euros), followed by China and Turkey. The European gas price has peaked in recent weeks, while the price of oil also skyrocketed at the beginning of the war.