Despite a large decline in export quantities in May as the international community attempted to minimize its dependence on Moscow’s oil and gas, this astounding figure was reached.
Despite a large decline in export quantities in May as the international community attempted to minimize its dependence on Moscow’s oil and gas, this astounding figure was reached.
According to a survey by the Centre for Research on Energy and Clean Air (CREA), 61 percent of Russia’s exports of fossil fuels went to the European Union.
And even though Russian oil is sold at a discount due to its origin, a spike in global demand for fossil fuel and increasing energy costs have proved profitable for President Vladimir Putin’s dictatorship, helping to finance his invasion of Ukraine.
Lauri Myllyvirta, the chief analyst at CREA, commented on the current international sanctions against Moscow: “In light of Ukraine’s urgent need for assistance, the pace to date is simply too slow. To cut off the flow of funding to Russia, harsher measures are needed.
Globally, we must accelerate the deployment of clean energy to replace fossil fuel imports and reduce the high fuel prices that are fuelling Russia’s income growth.
The EU has vowed to ban the majority of Russian oil imports by the end of the year, but it is unable to reach a consensus on how and when to terminate its dependence on Russian gas.
Nonetheless, Poland and the United States had the greatest effect on Russia’s income by drastically cutting imports, along with Lithuania, Finland, and Estonia.
According to research conducted by CREA, India, France, China, the United Arab Emirates, and Saudi Arabia all increased their imports, with India purchasing 18 percent of Russia’s crude oil exports and France being the largest purchaser of discounted liquid natural gas and oil cargoes on the short-term market.
Mr. Myllyvirta said: “Greek and other European shipping businesses facilitate the exportation of Russian crude oil to new markets.
“As Russian oil is transported to increasingly distant markets, a greater tanker capacity than ever before is required for transit.
“For instance, 80 percent of the tankers transporting Russian oil to India and the Middle East are European or American-owned.
This ought to be the next focal point of EU activity.
CREA, which focuses on environmental and air pollution issues, conducted its research by monitoring cargo ships, shipping data, and gas pipeline flow, as well as by assessing the worth of imports using its pricing methods.
