“The sharp increase in fossil fuel costs indicates that Russia’s existing revenues are much higher than in prior many years, even with the reduction in volumes,” the report said. “We estimate that fossil fuel exports contributed 43 billion euros to Russia’s finances to support finance war crimes in Ukraine,” the report reported. These are the figures for the 1st six months of the Russian invasion of Ukraine (February 24 – August 24).
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The major importer was the European Union (great for 85.1 billion euros), followed by China and Turkey. The price tag of European gas has peaked in the latest months, whilst the selling price of oil has also skyrocketed at the begin of the war.
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