The Russian oil profit machine has continued to be a primary source of revenue generation for the country despite their forced invasion of Ukraine – a move that has been met with harsh opposition from leaders around the world. Since the invasion began two months ago Russia has made approximately $66 billion off the sale of fossil fuels, according to a recently released study conducted by Centre for Research on Energy and Clean Air
“Fossil fuel exports are a key enabler of Russia’s military buildup and brutal aggression against Ukraine,” the author of the study writes.
Key stats from study:
- 71 percent of Russian fossil fuel payments came from the European Union via Russian shipments and pipelines.
- Germany led the way in the purchase of Russian oil, spending upwards of 9.1 billion euros over the past two months.
- Italy (6.9 billion euros) and China (6.7 billion euros) came in second and third highest as total spenders on Russian fossil fuels since the start of their invasion into Ukraine.
“Russia is waging a war in Ukraine and the imperative to move away from Russian oil and gas, for the world to move away from Russian oil and gas, screams that there is an imperative that we electrify,” said U.S. Energy Secretary Jennifer Granholm.
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