Europe is financing Putin's War in Ukraine at 200,000 Euros a Minute

Energy | April 29, 2022, Friday // 09:23|  views

@CREA

Russia has sold fossil fuels worth 46.6 billion euros to European Union countries since the start of the war in Ukraine on February 24 this year, according to the Finnish-based Center for Energy and Clean Water Research (CREA). In fact, since the start of hostilities, despite talks about a possible energy embargo, Russia's revenue from selling them has doubled.

An interactive counter on the center's website shows a breakdown of fuels by type. Europe has spent almost €19 billion on oil, €26.9 billion on gas and €757 million on coal. In total, energy exports from Russia, including to third countries outside the EU, have reached 63 billion euros since February 24.

The biggest "sponsors" of the war are Germany (9.1 billion euros), Italy (6.9 billion euros), China (6.7 billion euros), the Netherlands (5.6 billion euros), Turkey (€ 4.1 billion) and France (€ 3.8 billion).

A CREA analysis indicates that fossil fuel exports are a key factor in Russia's military strengthening and brutal aggression against Ukraine. The center has developed a Russian energy export tracker with real-time monitoring to clarify the details of the country's energy exports and the changes that have taken place since the invasion of Ukraine. CREA monitors in detail the movements of ships and flows through gas pipelines.

The aim of the project is to inform politicians, the media and other stakeholders about buyers and the huge amount of money flowing to Russia in sales of its fossil fuels. Giving more transparency to the issue, we urge all stakeholders to push for action that would block the financial flows that ensure Russia's military campaign as soon as possible, CREA said.

CREA encourages all governments and corporate buyers of Russian fossil fuels to suspend all purchases in order to increase the effect of sanctions and to help end the war and crimes against humanity committed by the Russian military; to suspend sales of Russian fossil fuels to third countries. If a total ban is not possible or a transitional period is needed, customs duties on imports from Russia should be introduced. High tariffs would encourage buyers not to buy from Russia when possible.

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Tags: CREA, euros, war, Russia

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