The Guardian: EU spends more on oil and gas from Russia than on financial aid to Ukraine
Pravda Ukraine
In 2024, Europe bought €22 billion worth of fossil fuels from Russia but allocated €19 billion to support Kyiv.
Source: The Guardian
Details: According to the Centre for Research on Energy and Clean Air (Crea), in the third year of the full-scale war, the EU bought €21.9 billion worth of Russian oil and gas despite efforts to reduce the continent’s dependence on the fuel that fills Kremlin leader Vladimir Putin’s military budget.
According to a study by the Kiel Institute for World Economics (IfW Kiel), this amount is one-sixth higher than the €18.7 billion the EU allocated to Ukraine in financial aid in 2024.
Russia receives up to half of its tax revenues from the oil and gas sector and is trying to circumvent sanctions by transporting fuel through a shadow fleet of old and insufficiently insured tankers.
Background:
- The European Union is seeking to increase gas purchases from other countries, including the US, to replace Russian supplies.
- Russia’s oil and gas revenues grew by about 41% year-on-year in the first half of the year to US$65.12 billion, due to higher oil prices and a weaker rouble.
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