INSUBCONTINENT EXCLUSIVE:
Russia has raked in 158 billion euros ($158 billion) in energy exports in the six months following its invasion of Ukraine, a think tank
said Tuesday.The Center for Research on Energy and Clean Air called for more effective sanctions against Moscow after the invasion sent oil,
gas and coal prices soaring."Surging fossil fuel prices mean that Russia's current revenue is far above previous years' level, despite the
reductions in this year's export volumes," said the Finland-based organization.Natural gas prices have recently soared to record levels in
Europe as Russia chokes off supplies
Crude oil prices also jumped following the invasion, although they have since pulled back."Fossil fuel exports have contributed
approximately 43 billion euros to Russia's federal budget since the start of the invasion, helping fund war crimes in Ukraine," said
CREA.The figures concern the six months following Russia's Feb
24 invasion of Ukraine.During this period, CREA estimated that the European Union was the top importer of Russian fossil fuel exporters, at
85.1 billion euros.China followed at 34.9 billion euros and Turkey at 10.7 billion euros.While the EU has stopped purchases of Russian coal,
it is only progressively banning Russian oil and it has not adopted any limits on the imports of natural gas, upon which it is highly
dependent.The CREA said the EU ban on Russian coal imports has been effective.After the ban went into effect Russian coal exports fell to
their lowest levels since the war began."Russia failed to find other buyers to replace falling EU demand," said CREA.But it called for
stronger rules and enforcement concerning Russian oil exports, urging the EU and the U.K
needs to stop allowing its insurance industry to participate in this trade," said CREA.The G7 countries, meanwhile, vowed Friday to push
forward urgently to impose a price cap on Russian crude, a move that would deprive Russia of much of the revenue it now makes from its oil
exports.The United States has been arguing for the imposition of a price cap for months, arguing that Western bans on Russian energy
products were contributing to the price hikes that helped Moscow finance its war effort.
