Russia sends more energy to Asia as Europe cuts back

Chinese flag Source: iStock

Russia sent significantly more oil and coal to India and China over the summer compared with the start of the year, while European countries that long relied on Russian energy have cut back sharply in response to the war in Ukraine, said a report published Tuesday.

The Centre for Research on Energy and Clean Air said Russia received about 158 billion euros ($158 billion) in revenue for the sale of oil, natural gas and coal from February to August, more than half of which – some 85 billion euros worth – was exported to the European Union.

Within the EU, Germany was the biggest importer, buying 19 billion euros worth of fossil fuels from Russia during the six-month period.

The single biggest importer worldwide, however, was China, which bought 35 billion euros worth of Russian energy, the Helsinki-based group said.

While Russia's revenue rose, overall export volumes dropped by 18% compared with when the country invaded Ukraine, the report said.

The EU has cut its imports from Russia by 35% since the war began, with Russian coal now banned in the 27-nation bloc and a halt to oil sales due to take effect at the end of the year.

Russia itself has sharply cut flows of natural gas to the EU, indicating this week that they would not resume unless Western sanctions are lifted.

Germany's economy minister, Robert Habeck, said Monday that his country doesn't expect gas imports from Russia to resume anymore.

Meanwhile, India and China imported significantly more coal and crude oil from Russia in July and August than in February and March, the group said.

© 2022 The Canadian Press

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.