Russia’s revenues from fossil fuel exports fell by 30% – director of Razom We Stand

Founder and director of NGO Razom We Stand Svitlana Romanko said that Russia’s income from energy exports has decreased, however Russia continues to legally supply petroleum products to the EU and the USA.

“Currently, we see that Russia’s real revenues from fossil fuel exports have fallen by almost 30%. This is more than 104 billion euros over the past year. Russia’s revenues from oil for coal, which has been subject to sanctions, have decreased by 19%. This is more than 50 billion euros . However, this is not enough. The oil refining loophole that exists allows the Russian Federation to legally supply to the EU and the USA oil products that have been processed in third countries, such as India and China. Accordingly, the shadow Russian fleet that transports oil is increasing”

Also, according to Romanko, in the middle of 2024, all EU countries should make a decision to ban Russian energy carriers.

“Today, 60 members of the European Parliament called on the European Commission to introduce a ban on all types of energy products from Russia. This is a very serious step. Therefore, we expect that the law from the EU on banning the import of liquefied natural gas from Russia to European countries, which was adopted in December 2023, will be effective . This law should come into effect in the middle of this year. And all members of the European Union will have to make individual decisions about banning Russian energy carriers.”

Svitlana Romanko, Founder and director of Razom We Stand
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