Russia's Energy Exports to the EU Double Due to Soaring Prices

On the 21st (local time), smoke was rising from the Azovstal steel plant in Mariupol, a southern port city of Ukraine. Russian President Vladimir Putin canceled the plan for an all-out attack targeting this steel plant where Ukrainian forces were resisting and ordered a blockade instead.

Russia's revenue from selling fossil fuels to the European Union (EU) has nearly doubled compared to before the invasion of Ukraine. Although export volumes have decreased due to international sanctions, prices have risen further due to supply and demand imbalances.

On the 27th (local time), the British daily newspaper The Guardian reported, citing an analysis by the Center for Research on Energy and Clean Air (CREA), that Russia earned 62 billion euros (approximately 82.9 trillion KRW) from exporting oil, gas, and coal to countries around the world during the first two months after the war began.

During this period, exports to the EU were estimated at 44 billion euros (58.9 trillion KRW). Last year, the EU's annual imports of Russian fossil fuels amounted to about 140 billion euros (187.5 trillion KRW), averaging approximately 12 billion euros (1.67 trillion KRW) per month.

Comparing the EU's average monthly imports of Russian fossil fuels over the recent two months, 22 billion euros (29.46 trillion KRW), to last year's monthly average, there was an 82% surge, nearly doubling.

Despite pressure from sanctions and other measures by the EU, Russia is smoothly securing massive war funds through state-owned enterprises thanks to high energy prices.

CREA stated, "The cash obtained from energy sales is sustaining Putin's war," adding, "Importing Russian fossil fuels is tantamount to colluding with the Russian military, which has grossly violated international law."

This content was produced with the assistance of AI translation services.