The European Union (EU) was the top purchaser of fossil fuels from Russia, since the country invaded Ukraine in February 24 this year, with imports worth €44 billion that accounted for 71 per cent of Russia’s exports of the commodity worth €63 billion in the period, according to data published by the Centre for Research on Energy and Clean Air (CREA).
Interestingly, despite the West’s focus on India’s economic dealings with Russia, New Delhi’s purchase of crude and fossil fuel from the country in the period was much below $ 1 billion and even lower than purchases made by the US, according to data projected in the report.
The largest importers were Germany (€ 9.1 billion), Italy (€6.9 billion), China (€6.7 billion), the Netherlands (€5.6 billion), Turkey (€4.1 billion) and France (€3.8 billion).
Western powers, including the EU and the US, announced a number of economic sanctions against Russia following its attack on Ukraine, in order to financially isolate it. However, because of the dependence of many countries, including European nations, on Russian fossil fuels, the report shows that trade is continuing to take place.
Nonetheless, even in the absence of import bans, avoidance of Russian supplies is reducing seaborne imports, the report observed. “Oil deliveries from Russia to foreign ports fell by 20 per cent in the first three weeks of April, compared with the January-February period before the invasion. Coal increased by 20 per cent, while LNG deliveries increased by 50 per cent. The fall in crude oil accelerated after mid-March,” it said.
April 29, 2022