Russia's fossil fuel export revenue tops its Ukraine war cost

Between February and August, Russia earned revenue of EUR 158 billion from fossil fuel exports.

While Russia has spent an estimated EUR 100 billion to wage war on Ukraine.

European Union has imported the highest amount of fossil fuel worth EUR 85 billion.

China is the next biggest buyer at EUR 35 billion.

India's imports stood at a distant EUR 7 billion.

Turkey bought fuel worth EUR 11 billion during the period while South Korea's shipments stood at EUR 2 billion.

“Surging global fossil fuel prices mean that Russia is still making record breaking revenues from fossil fuels, despite the reductions in export volumes," said Lauri Myllyvirta, lead analyst at CREA and one of the authors of the report.

While India, China, United Arab Emirates, Egypt and Turkey increased imports, it wasn't enough to offset the reductions from other countries.

There was an 18 percent fall in fossil fuel export volumes, driven by a 35 percent drop in exports to the EU, compared to the start of the invasion.

The report said that the increase was driven by crude oil imports and China's coal imports.

The EU’s coal import ban hit Russia’s exports and production, as Russia failed to find other buyers to replace coal demand.

EU’s Russian oil imports fell 17 percent in July–August compared with what it was before the invasion. 

They are set to fall by 90 percent when the ban takes effect at the end of the year.

"The U.S. and Australia have continued to receive shipments of oil from Indian refineries who are large buyers of Russian oil, while European-owned and insured ships carry Russian oil to new buyers. As oil exports are rerouted in response to Russian oil bans, strong enforcement mechanisms are needed to prevent imports of Russian oil through indirect routes," the report said.