[email protected]   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

Russian Fossil Fuels Revenues are Still at $0.5 Billion

By Anshula Mandaokar , 02 March, 2023

Russia is still earning more than half a billion U.S. dollars from gas and oil sales per day according to the survey reports. Even if the U.S., the EU and other countries try to restrict Russia but in vain. The western nations are enforcing on Russian crude oil to a barrel of $30 and by ending all pipeline and LNG exports from Russia to the EU. The survey says that Russia’s daily earnings with fossil fuels may dip as low as $340 million in the upcoming future.

According to the reports, Russia’s earnings are below what the country was making earlier from fossil fuels on an average per day before Russia invaded Ukraine. Even if several nations have started to boycott Russian fossil fuels, the country is giving discounts to its remaining customers. Thus, the highly elevates market prices of world is due to the war caused soar Russian earnings.

The Russian seaborne crude oil has been banned by the EU and in February, the Russian petroleum products are already included in the CREA’s latest figure. But EU countries still continue to import Russian oil and gas through pipeline or as LNG. According to the data, in December 2022, the G7 nations agreed to establish an international price of Russian crude for $60 per barrel. But, however the price cap is around $30 which is closer to Russian’s production price, according to CREA. This would lead to same reduction in Russian revenues as the EU is ending remaining fossil fuel dependency on Russia.

Largest EU Importers Of Fossil Fuels From Russia

.jpg

Latest News

Plant-Based-Alternatives-in-2025.jpg
Surge in Plant-Based Alternatives Innovative APAC Innovations and Consumer Interest Set to Hit Shelves in 2025

The Plant-Based Surge: New Meat Alternatives Hitting APAC Shelves Market 2025 is benefitting from an innovation cycle, a change in diet preferences, and sustainability needs. There is an emerging focus from start-ups, universities, and global food…

Read More

Amey.jpg
Recycled Polymers Surge in Global Packaging Demand in 2025

The global packaging industry is projected to have a sharp increase in the consumption of recycled polymers in relation to sustainability goals by 2025. This change is likely caused by regulations, business commitments to sustainability, and advances…

Read More

s-Role-in-Reducing-Food-Waste.jpg
Flexible Packaging Market 2025 Sees Strong Growth Driven by Food Waste Reduction Initiatives

The Flexible Packaging Market’s role in reducing food waste in 2025 is becoming increasingly pivotal as governments, food producers, and packaging companies align around sustainability targets. With global food waste exceeding 1.3 billion tons…

Read More

Startups-Scale-Bio-Based-Resin-Production-in-the-CnM-Market-2025.jpg
Green Chemistry Update Startups Scale Bio-Based Resin Production in the CnM Market 2025

In 2025, the CnM (Composites and Materials) Market is witnessing a pivotal shift as green chemistry startups accelerate the production of bio-based resins, driven by regulatory pressures and sustainability commitments across industries. The momentum…

Read More

precent.jpg
Solar Prices Fall by 12% in the first quarter of 2025 Effects on India's Renewable Energy Sector

In the first quarter of 2025, India experienced a remarkable decline of 12 percent in the cost of solar photovoltaic (PV) systems for the first time in history. This is a turning point for the country's renewable energy sector. The improvements in…

Read More

Author Pic
Anshula Mandaokar

Team Lead - Research