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Russia Pockets €6bn in Fossil Fuel Revenues in First Two Weeks of War
Daily fossil fuel revenues rose 14% above February averages, totaling €6 billion since late February, driven by European imports and eased US sanctions, CREA data shows.
- The German NGO Urgewald highlighted on March 12 that CREA's analysis found Russia earned roughly $6b from fossil-fuel exports since strikes began on February 28.
- Supply disruptions at the Strait of Hormuz have caused about 20 mbpd to be removed from the market since March 2, with Gulf producers cutting output as storage limits are reached.
- CREA and Urgewald calculated Russia's fossil-fuel export revenues averaged �510 million per day last week, 14% higher than February, with 1,543,347 tonnes of Yamal LNG cargoes delivered to EU ports.
- On March 6, the US issued a 30-day sanctions waiver allowing India to buy Russian oil already at sea, while Washington debates broader rollbacks critics warn would boost Moscow's revenues amid EU splits.
- The revenue surge positions Russia to strengthen deals like the 50 billion cubic meter Power of Siberia 2 pipeline, while the EU remains dependent on Russian gas despite a threatened ban from January 1, 2027.
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Coverage Details
Total News Sources23
Leaning Left5Leaning Right2Center3Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 30%
R 20%
Factuality
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