Russia is on track to make more money off oil and gas exports this year than it did in 2021, and it's got the EU to thank
Russia's coffers have been bolstered by a rally in oil prices, which have risen about 50% this year and are at 13-year highs. The gains could bring Russia's oil and gas sales to a total of $285 billion this year, Bloomberg forecasts. That's 20% higher than the country's $235.6 billion takings from oil and gas in 2021.
The EU gets about 40% of its natural gas from Russia and has been struggling to wean off the fuel. Some EU countries — includingUS Energy Information Administration , In the first two months of the Ukraine war, which started on February 24, the EU splashed out 39 billion euros on Russian fossil fuels, accounting for 70% of the country's exports. This made the bloc"by far" the largest buyer of Russian fossil fuels, according to a report by theGermany was the biggest individual buyer, spending 8.3 billion euros on the imports, according to the report.
"Fossil fuel exports are a key enabler of Russia's military buildup and brutal aggression against Ukraine," it added.
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