Ukraine War: Russia Earns $97bn On Energy Exports Since Invasion

Russia earned nearly $100bn (£82.3bn) from oil and gas exports during the first 100 days of the war in Ukraine, according to a report.

Revenues have been falling since March, as many countries shunned Russian supplies, but remain high, the independent Centre For Research on Energy and Clean Air (CREA) found.

It also warned of potential loopholes in efforts to curb imports from Russia.

The EU, US and UK are among those to have pledged to cut Russian imports.

But the CREA report found Russia still earned $97bn in revenue from fossil fuel exports in the first 100 days of the Ukraine conflict, from 24 February to 3 June.

The European Union made up 61% of these imports, worth approximately $59bn.

Overall, exports of Russian oil and gas are falling and Moscow’s revenue from energy sales has also declined from a peak of well over $1bn a day in March.

But revenues still exceeded the cost of the Ukraine war during the first 100 days – with the CREA estimating that Russia is spending around $876m per day on the invasion.

The EU plans to ban Russian oil imports arriving by sea by the end of 2022, which would cut imports by two-thirds.

In March, the bloc also committed to reducing gas imports from Russia by two-thirds within a year.

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