Russia raked in 158 billion euros from energy exports in the six months following its invasion of Ukraine, with the EU accounting for more than half of that figure. Publishing the findings, think tank the Centre for Research on Energy and Clean Air called for more effective sanctions against Moscow.
The findings from the Finnish research centre show that the surge in fossil fuel prices has boosted Russian revenues, despite a reduction in export volumes.
"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," according to the Centre for Research on Energy and Clean Air (CREA).
The figures concern the six months following Russia's 24 February invasion of Ukraine.
Russian income from fossil fuel exports is more than enough to finance the war effort, estimated to be costing Moscow 100 billion euros. The cost of replacing damaged Ukrainian infrastructure is reckoned to run to 110 billion euros.
The CREA estimates that the European Union was the top importer of Russian fossil fuels, accounting for 85.1 billion euros.
China followed at 34.9 billion euros, with Turkey at 10.7 billion euros.
While the EU has stopped purchases of Russian coal, it is progressively banning Russian oil and has not adopted any limits on the imports of natural gas, upon which it is highly dependent.
Moscow has now cut gas supplies to Europe completely, saying pipeline supplies will remain blocked until EU sanctions are lifted.
China is now Russia's biggest fossil fuel customer, having replaced Germany.
Russian coal exports reduced
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 the CREA.
However, the Russian oil sector is thriving, increasing export volumes by more than 19 percent since the start of the war. European sanctions on Russian oil exports are not scheduled to come into effect until 5 December.
Shipping sector key to impact
The Finnish research organisation has called for stronger rules and enforcement concerning Russian oil exports, urging the EU and the UK to use their leverage in global shipping.
"The EU must ban the use of European-owned ships and European ports for shipping Russian oil to third countries, while the UK needs to stop allowing its insurance industry to participate in this trade," said the CREA.
The G7 countries have vowed 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, saying that Western bans on Russian energy products are contributing to the price hikes that help Moscow finance its war effort.
