Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

EU paid Russia $16 billion for fossil fuels since the start of Ukraine war

EU paid Russia $16 billion for fossil fuels since the start of Ukraine war

Since the beginning of the Russian invasion of Ukraine, the European Union has paid over $16 billion (€15 billion) to Moscow for fossil fuel imports.
More than $5 million was paid for oil imports, around $9.5 million spent on gas, and over $385 million went to coal imports.

The data has been shared by the Centre for Research on Energy and Clean Air (CREA), an independent research organization, currently tracking how much money is still flowing from the EU's finances into the Kremlin's pockets.

To estimate the volume of fossil fuel shipments from Russia to Europe, CREA looked at the aggregate cargo capacity of ships leaving Russian ports towards EU ports, and combined that with data on reported import volume and prices (based on average value and historic prices).

"As you can see from the breakdown, gas is still the number one (import), then comes oil and then comes coal," said Lauri Myllvirta, Lead Analyst, CREA. "For both oil and coal, the shipments have fallen after the outbreak of the war [but] gas has actually increased."

Europe's dependence on Russia to keep its economy running and its homes warm has been harshly criticized since Russian troops started building up at the border of Ukraine before the start of the full-scale invasion of February 24.

According to the latest data available from the European Commission, in 2019 Europe relied on Russia for 41.1 percent of its gas imports, 46.7 percent of its solid fuels imports, and 26.9 percent of its crude oil imports.

Last year, when the first signs of tension at the Ukraine-Russia border were emerging, the EU imported 155 billion cubic meters of natural gas from Russia, almost half of its total gas imports, according to the International Energy Agency.

This dependency on Russia has not only given Vladimir Putin dangerous leverage over Europe, but also allowed the Kremlin to finance its campaign in Ukraine, as many have denounced. It is estimated that half of the Russian budget comes from fossil fuel exports.

Before the war, the EU was thought to be paying over $1.1 billion a day into this budget, thanks to its energy imports.

The EU has recently announced a plan to scale back its dependence on Russian fossil fuel imports while at the same time supporting its own Green Deal.

On March 8, the European Commission presented a proposal to cut its gas imports from Russia by two thirds before the end of 2022 on the way to become completely independent from Russian fossil fuels "well before" 2030.

"We simply cannot rely on a supplier who explicitly threatens us," said EU Commission President Ursula von der Leyen. "We need to act now to mitigate the impact of rising energy prices, diversify our gas supply for next winter, and accelerate the clean energy transition."

The way to achieve this ambitious goal, according to the EU plan, is to ensure gas supply security through diversifying its sources and speed up the roll-out of renewable energies to replace fossil fuels.

The EU proposal doesn't say much about how to decrease its reliance on Russian oil and coal, but a more detailed proposal is expected to follow up in May.

It's unlikely that the EU will be able to implement its plan this year.

European countries have been so far reluctant to give up Russian fossil fuels completely, fearing disastrous economic consequences, the severity of which Europeans are already getting a taste of with gas prices surging and roaring inflation.

According to the data collected by CREA, European money is still funding Putin's troops, tanks and private jets devastating Ukraine.

"What we have here, it's that the EU has put in place an ambitious plan to reduce and eliminate imports over the next years," said Myllvirta. "But in the immediate short term, their imports haven't been affected by these plans, and because of the high prices (of gas) the flow of money has in fact increased."

CREA is calling for an embargo on oil imports, which they see as the most realistic change to implement right now. "All European countries and the other OECD countries have strategic oil reserves, which correspond to 90 days of consumption," Myllvirta said.

"And since less than a quarter of Europe's oil comes from Russia, that means that we could in principle cover up for the oil imports for a full year."

Stopping gas imports from Russia right now, between the bloc's structural dependence on Russian supplies and gas storage level being so low, would be much harder for Europe, Myllvirta added.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
×