This staggering set came despite a significant drop in export volumes in May as the international community sought to reduce Moscow’s dependence on oil and gas. According to a report by the Center for Energy and Clean Air Research (CREA), the EU accounted for 61% of Russia’s fossil fuel exports. Hundreds shelter in chemical plant under relentless attack – Live updates on Ukraine war And despite the fact that Russian oil is being sold at a discount due to its origin, rising global demand for fossil fuels and rising energy prices remain lucrative for President Vladimir Putin’s regime, helping to finance its invasion of Ukraine. Image: Headquarters of Russian gas giant Gazprom in St. Petersburg, Russia CREA chief analyst Lauri Myllyvirta said of the ongoing international sanctions against Moscow: “Progress to date is very slow given Ukraine’s urgent need for support. Much stronger action is needed to stem the flow of cash to Russia. “Globally, we need to accelerate clean energy development to replace fossil fuel imports and ease high fuel prices, which are boosting Russia’s revenue.” The EU has pledged to block most Russian oil imports by the end of the year, although it is finding it difficult to agree on how and when it will end its dependence on Russian gas. However, Poland and the United States have had the biggest impact on Russia’s income, reducing imports dramatically, along with countries such as Lithuania, Finland and Estonia. According to the CREA survey, India, France, China, the United Arab Emirates and Saudi Arabia all increased imports, with India buying 18% of Russia’s crude oil exports and France being the largest buyer of discounted liquefied natural gas and oil in the short and long term market. Mr Myllyvirta said: “Exports of Russian oil to new markets are allowed by Greek and other European shipping companies. “As Russian oil is shipped to more distant markets, more tanker capacity is required than ever before. “80% of the tankers transporting Russian oil to India and the Middle East, for example, are European or American. “This should be the next focus of EU action.” CREA, which focuses on environmental and air pollution issues, conducted its research by monitoring cargo ships, shipping data, gas pipeline flows and estimating the value of imports using its own pricing models.
