- 70% of these purchases are to the countries of the European Union (EU), with a bill of around 44,000 million.
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| Ursula von der Leyen. |
Exports of coal, gas, and oil have brought Russia revenue of 63 billion euros in the two months since the invasion of Ukraine at the end of February, according to estimates by the Research Center for Energy and Clean Air (CREA), which attributes 70% of these purchases to the countries of the European Union (EU), with a bill of around 44,000 million.
"Sanctions have been undermined by Russia's continued imports of fossil fuels, particularly into the EU. Europe's desire to keep the door open to fossil fuel shipments and payments for them has prevented broader sanctions on Russian banks, financial institutions, and trade," said the report's authors, for whom the daily inflow of hundreds of millions of euros has supported the ruble exchange rate and weakened the effect of sanctions.
In its analysis, the 'think tank' indicates that the Twenty-seven assumed since the end of February 30% of Russian coal purchases and around 50% of oil, while they received approximately 80% of liquefied natural gas exports ( LNG) from Russia.
The main customers of fuels from Russia would be Germany, with a bill of 9,100 million euros, ahead of Italy, with 6,900 million; China, with 6.7 billion; the Netherlands, with 5.6 billion; Turkey, with 4.1 billion; and France, with 3,800 million. In the case of Spain, imports of fossil fuels from Russia in the analyzed period would not reach 2,500 million.
“The EU and many member states have responded to the crisis by announcing new clean energy and energy efficiency targets, policies and measures. These steps will provide a replacement for Russian fossil fuels for years to come, but have essentially no effect on revenues. by exports of fossil fuels from Russia in the short term," laments the 'think tank'.
CREA highlights the strong effect that the increases in the price of fossil fuels have had on the income balance, since during the two months since the beginning of the invasion of Ukraine, Russian oil deliveries to the EU fell by 20% and coal by 40%, while LNG increased by 20% and EU gas purchases through pipelines increased by 10%.
Moscow looks for other markets
However, the around €44 billion paid by EU countries in exchange for their fossil fuel imports since the beginning of the Ukraine invasion contrasts with the around €140 billion reported by Russia on account of its exports. of gas, oil, and coal to the EU throughout last year, with an average of just over 11,600 million euros per month, according to figures published by 'The Guardian'.
On its side, Russian oil exports to non-EU destinations increased by 20%, albeit with important changes in destinations, while coal and LNG deliveries outside the EU increased by 30% and 80%, respectively...
"Russia has no substitute for Europe as a source of demand"
"Russia is struggling to divert cargoes that are not accepted by European buyers," the study's authors note, referring to the sharp rise in ships leaving Russian ports "without a definite destination."
They also point out that in the short term, "Russia has no substitute for Europe as a source of demand" since most of the country's fossil fuel exports are transported to Europe through pipelines, as well as to ports on the Sea. Baltic and Black Sea with no alternative pipeline connections to divert LNG pipeline exports elsewhere.
In this sense, they estimate that a quarter of Russia's fossil fuel shipments were received in just six EU ports: Rotterdam (Netherlands), Maasvlakte (Netherlands), Trieste (Italy), Gdansk (Poland), and Zeebrugge. (Belgium).
On his side, although there is a clear rebound in oil shipments to India, Egypt, and other "unusual" destinations for Russian exports, shipments to these new destinations "are not even close to offsetting the drop in exports to Europe ".