Europe imported $46 billion worth of Russian energy since Ukraine war began
Europe, News May 6, 2022 Comments Off on Europe imported $46 billion worth of Russian energy since Ukraine war beganEU imported 70% of Russia’s total fossil fuels export since the beginning of the Ukraine invasion
European Union imported Russian oil, gas, and coal worth $46.3 billion (44 billion euros) since the beginning of Russian military intervention in Ukraine on February 24, according to the Centre for Research on Energy and Clean Air (CREA) report.
The EU accounted for around 70% of Russia’s fossil fuel export revenues globally, which amounted to $66.3 billion (63 billion euros) during the two-month (February to April) period. “The share of the EU was approximately 30% for coal, 50% for crude oil, 80% for LNG, 70% for oil products, and 90% for the pipeline gas,” according to the report that includes a detailed dataset of pipeline and seaborne trade in Russian fossil fuels.
The largest importers were Germany (EUR 9.1 billion), Italy (EUR 6.9 billion), Netherlands (EUR 5.6 billion), Turkey (EUR 4.1 billion), and France (EUR 3.8 billion).
Nearly six EU ports were responsible for a quarter of Russia’s seaborne fossil fuel shipments: Rotterdam (Netherlands), Maasvlakte (Netherlands), Trieste (Italy), Gdansk (Poland), and Zeebrugge (Belgium).
Key findings:
- EU imported 71% of the 63 billion euros worth of fossil fuels via shipments and pipelines from Russia since the beginning of the invasion (February 24).
- Germany was the largest importer of Russian energy followed by Italy, the Netherlands, Turkey, and France.
- Oil deliveries to the EU fell by 20% and coal by 40%, while deliveries of LNG increased by 20%. EU gas purchases through pipelines increased by 10%.
- Major oil firms, power utilities, and industries that continue to buy Russian fossil fuels included companies Exxon Mobil, Shell, Total, Repsol, BP, Lukoil, Neste and Orlen, and Trafigura; power utilities RWE, KEPCO, Taipower, Tohoku Electric Power, Chubu Electric Power, TEPCO, Kyushu Electric Power; and industrial companies Nippon Steel, POSCO, Formosa Petrochemical Corporation, Mitsubishi, Hyundai Steel, Sumitomo, and JFE Steel.
- There has been a pick-up in oil shipments to India, Egypt, and other “unusual” destinations for Russian exports.
The findings were published amid increasing pressure on Europe to ban Russian oil imports. EU officials stopped short of an energy embargo despite widespread outrage over the war in Ukraine and evidence of Russian war crimes against Ukrainian civilians.
After more than two months of the war in Ukraine and financial sanctions imposed on Russia, the European Union is now proposing to cut itself off from Russian oil by the end of the year.
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