11:50 16 August 2024
EU Spends More on Russian Fossil Fuels Than on Aid to Ukraine
The recent increase in gas prices in Europe, linked to Russia's invasion of Ukraine's Kursk Oblast, is expected to boost Russia's revenues from fossil fuel sales. These revenues have already surpassed the amounts allocated for support to Kyiv. According to an analysis by the think-tank CREA, since the Kremlin invaded Ukraine in February 2022, EU countries have paid €200 billion for Russian fossil fuels, primarily oil and gas. Meanwhile, the total support from the EU and the US for Ukraine amounts to only €185 billion, as reported by the Kiel Institute for the World Economy.
Russian profits from gas sales, which account for slightly less than half of its energy revenues from the EU, are likely to increase further due to an unexpected 13 percent rise in gas prices over the past week.
