Ukraine war: Russian earnings on exports remain high despite sanctions

Russia earned nearly $100 billion from oil and gas exports during the first 100 days of the war in Ukraine, according to a report. Revenues have been falling since March, as many countries shunned Russian supplies, but remain high, the independent Centre For Research on Energy and Clean Air (CREA) found. It also warned of potential loopholes in efforts to curb imports from Russia.

Lauri Myllyvirta, from the Finnish Centre for CREA who compiled the report, says that $62 billion out of that $100 billion came from the EU. Europe's imports of oil fell about 20% compared with the months before the war, but the EU is still importing half the oil that Russia exports. In addition, Russia has managed to divert the oil that isn't being sold there to other markets, such as India and the Middle East. Myllyvirta believes the long-term effect of the sanctions is "clearly devastating", as countries that have decided to cut ties decide not to return, but to benefit Ukraine, he says things need to move faster in order to have an effect.

Photo: Pipes, valves and tanks with liquefied petroleum gas are seen at a petrol station in Poland Credit: Getty Images