According to an analysis by the Center for Energy and Clean Air Research (CREA), Russia’s gains in the six months since the invasion of Ukraine from oil, natural gas, and coal exports have exceeded the total cost of the invasion.

The analysis shows that Turkey ranks third among the countries to which Russia exported the most fossil fuels, reports Cumhuriyet, cited by Rador.

• In the 6 months from February 24, when the war began, to August 24, the value of fossil fuel exports was $158 billion.
• The total cost of Russia’s invasion of Ukraine is estimated at about 100 billion dollars.
• 85 billion dollars, equivalent to 54% of Russian fossil fuel exports, are exports to European Union countries.
• The European Union is followed by China, which imported $35 billion worth of fossil fuels, followed by Turkey in third place with $11 billion.
• It is followed by India with imports of $7 billion and South Korea with imports of $2 billion in the 4th and 5th places.
• In the European Union, the largest importer of fossil fuels is Germany with imports of $19 billion, the Netherlands – $11 billion, Italy – $8.6 billion, Poland – $7.4 billion, France – $5.5 billion, Bulgaria – $5, 2 billion dollars, Belgium – 4.5 billion dollars, Spain – 3.3 billion dollars.

According to the report, revenues from fossil fuel exports added $43 billion to Russia’s federal budget, thus financing the war in Ukraine.

Compared to the beginning of the war, the export of fossil fuels decreased by 18%, and to the European Union – by 35%.

The ban on coal imports from EU countries had a strong impact on Russian exports, as they could not find other buyers.

In July and August, the countries of the European Union, NATO and the G7 (EU, Turkey and Japan) imported 56% of Russian fossil fuel exports. Even if the percentage was 75% before the invasion, these countries still make an important contribution to the Russian economy.

“Turkey is one of the countries that has increased oil imports the most”

According to the report, Turkey, India, China, the United Arab Emirates and Egypt are the countries that have increased their oil imports from Russia the most. Imports of crude oil increased the most. China also increased its coal imports from Russia.

In addition, Turkey’s oil imports from Russia have increased by 30% in the last 6 months compared to the pre-invasion period.

According to the Energy Market Surveillance Agency report at the end of June, Russia ranked second after Iraq in the volume of crude oil imports to Turkey. Turkey provided 34% of total imports from Iraq and 32% from Russia. In January, these figures accounted for 32% of imports from Iraq and 27% from Russia.

CREA’s principal analyst and author of the report, Laurie Millivirt, notes:

“Rising global fossil fuel prices, despite falling export volumes, mean that Russia is still receiving record fossil fuel revenues. To combat this situation, governments should limit the prices of Russian imports and prepare measures to save energy. on reducing the consumption of oil and natural gas, accelerating the spread of clean energy and electrification with the help of heat pumps and electric cars.”

And another point highlighted in the report concerns the attractiveness of clean energy investments around the world due to very high fossil fuel prices.

As a result of price incentives and tighter policies, investments in clean energy have recorded significant growth in the European Union, the United States and China. Cumhuriyet (Rador takeover)

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