Russia made $98bn in fuel exports in 100 days of Ukraine war

Even though many Western companies are unwinding their investments, closing stores and pausing sales in Russia, the global rise in fossil fuel prices continued to fill the Kremlin’s coffers, with export revenues reaching record highs.

Russia has earned $98bn from fossil fuel exports during the first 100 days of its war in Ukraine, with the European Union being the top importer, according to new research.

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According to CREA’s report, the EU took 61 percent of Russia’s fossil fuel exports during the war’s first 100 days, worth about $60bn.

Overall, the top importers were China at $13.2bn, Germany at $12.7bn, Italy at $8.2bn, the Netherlands at $8.4bn, Turkey at $7bn, Poland at $4.6bn, France at 4.5bn and India at $3.6bn.

India’s share in Russian crude oil exports has increased from 1% before the war to 18% in May, shows the report.