Russian fossil fuel exports went up since it invaded Ukraine, claims study | World News


It’s been more than two months since Russian forces launched a full-scale invasion on Ukraine. The 67-day long war has flattened cities, killed thousands of civilians and triggered a mass exodus of five million Ukrainian citizens. A latest report by a Finland-based think tank has revealed that the fossil fuel exports have been one of the key factors in the Russian invasion of Ukraine. 

The Centre for Research on Energy and Clean Air in its report has delved into the fossil fuel exports by Russia, of which the European Union has been a key beneficiary. This comes at a time when United Nations chief Antonio Guterres tweeted accusing fossil fuel lobby of using Ukrainian conflict in own interest.

Some of the key findings of the CREA report on Russian oil exports are as follows:

1. Russia exported fossil fuels worth 63 billion Euros via shipments and pipelines since the invasion began on February 24. The European Union, which is mulling sixth round of sanctions, imported 71 per cent of this, which amounts to 44 billion Euros.

2. The share of the European Union included 30 per cent for coal, 50 per cent for crude oil, 80 per cent for Liquified Natural Gas (LNG), 70 per cent for oil products and 90 per cent for pipeline gas. 

3. The largest importers of Russian fossil fuels were Germany (9.1 billion Euros), Italy (6.9 billion Euros), Netherlands (5.6 billion Euros), Turkey (4.1 billion Euros) and France (3.8 billion Euros). China imported 6.7 billion Euros of fossil fuel. 

4. As per the CREA report, a quarter of Russian fossil fuel shipments arrived in just six ports of EU countries, i.e, Rotterdam and Massvlakte in Netherlands, Italian port Trieste, Gdansk in Poland and Zeebrugge in Belgium.

5. As per the report, the supplies of oil to EU dropped by 20 per cent and coal by 40 per cent due to sanctions.

6. The deliveries of Liquified Natural Gas (LNG) to the European Union spiked by 20 per cent. The deliveries of coal and LNG outside the EU increased by 30% and 80%, respectively.

7. According to the report, Moscow is now struggling to divert cargoes not taken up by the European buyers, leading to a sharp increase in the vessels leaving Russian ports without a clear destination.

8. There is an increase in oil shipments to India, Egypt and other countries for Russian exports. But the report stated that the shipments to these countries are nowhere close to compensate for the fall in exports to the European buyers.

9. Seaborne shipments made up approximately half of Russia’s exports by value in the two-month period, the report stated. 

10. The Centre for Research on Energy and Clean Air urged all governments and corporate buyers of the Russian oil to end purchases and strengthen the effect of sanctions on Russia. 




Source link

About the author

Divyansh Singh

Talks about #technology #innovation #investing and #business.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *