6 months after the invasion of Ukraine, Russia has earned 158 billion dollars by exporting various energies. This revenue makes up more than half of the revenue generated by the European Union. Crude oil, natural gas and coal prices in Europe have increased significantly after Russia attacked Ukraine on February 24. Thus Russia’s income has doubled despite selling less energy supplies.
Crude oil exports in particular contributed 43 billion euros to Russia’s federal budget after the invasion. With the help of this money, Russia has become stronger on the battlefield. The European Union stopped buying first coal and then crude oil. However, gas imports did not stop as European countries are highly dependent on gas supplies from Russia.
A complete blockade of Russia on the economic front is not possible
CRAE says that Russia has given 85.1 billion Euro of oil to the European Union in 6 months. Since then, China has bought 34.9 billion euros from Russia and 10.7 billion euros from Turkey. This progress is surprising after the economic sanctions imposed on Russia by European and American countries. Trying to make it more difficult but a. A complete blockade on Russia’s economic front is not possible. The West imposed economic sanctions believing that Russia would bow to economic pressure and withdraw from the war, but this did not happen.
Hungary, Poland, Germany, Greece, Italy, Netherlands and India buy crude oil.
Russia is earning heavily from the export of natural gas and oil. In contrast, Russia has benefited from rising prices due to sanctions. The US, Canada, UK and Australia have imposed a ban on buying crude oil from Russia, which they fully comply with, but there are some countries that have continued economic transactions with Russia. While Hungary, Poland, Germany, Greece, Bulgaria, Italy and the Netherlands have also continued to buy crude oil.