Despite ongoing sanctions and rhetoric against Russian President Vladimir Putin, Europe continues to grapple with its reliance on Russian fuel. In the past year, the European Union (EU) spent a substantial $23 billion on Russian oil and gas, surpassing the $19.6 billion in financial aid provided to Ukraine. This dependency is further highlighted by Russia's significant exports to non-EU markets, with China, India, and Turkey collectively purchasing billions in Russian fuel.
While Russia's earnings from fossil fuel exports saw a slight decline last year, the country's oil exports have only decreased by 8% since the conflict in Ukraine began. The Kremlin has still managed to amass nearly $1 trillion from oil exports since February 2022, utilizing various tactics such as a 'shadow' fleet of oil tankers to obscure the origins of its exports.
