Russia's revenues from fossil fuel exports significantly exceeded the cost of the invasion in the first six months of the Ukraine war. The Finland-based Centre for Research on Energy and Clean Air (CREA) calculated revenues of the equivalent of 158 billion euros. This compares with estimated war costs during the period of one hundred billion euros.
Russia is "still generating record revenues" from fossil fuels despite the decline in export volumes, CREA analyst Lauri Myllyvirta said. The data showed that the EU was the largest buyer of supplies, with 85 billion euros, followed by China with 35 billion euros. Within the EU, Germany led the way with a volume of 19 billion euros, making it the second largest buyer of Russian fossil fuels in the world, just behind China.
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