BERLIN — China is now the largest buyer of Russian energy exports from the conflict in Ukraine, according to an independent research group Monday.
According to the Centre for Research on Energy and Clean Air, Russia has received approximately 93 billion euros ($97billion) in revenues for oil, natural gas and coke sales since February 24, when it invaded Ukraine.
According to the Helsinki-based group, 61% of fossil fuels valued at 57 billion euros were exported to the European Union in the first 100 days of conflict.
The group stated that 12.1 billion euros was exported to Germany and 7.8 billion to Italy and the Netherlands respectively, as well as 4.4 billion euros to Poland.
Germany, the largest importer of Russian fossil fuels in the first two months, has fallen to second behind China, who has bought some 12.6 billion euros of energy from Moscow.
According to the group, this shift is due to the increasing importance of China and other non European economies for Russian energy exports. They account for about 40% of the country’s federal budget.
According to the organization, Germany is still heavily dependent on Russian energy, especially natural gas. In May, imports were down by 8% in comparison to the previous two months. This coincided with warmer weather.
The European Union as a whole cut its energy imports to Russia by more that 100 million euros per daily in May. This was led by Poland, which used to be a major buyer of Russian oil and natural gas, according the Centre for Research on Energy and Clean Air.
The group stated that France, Belgium, and the Netherlands had taken up more oil and natural gas on short-term markets in May.
It pointed out that tankers are highly in demand because Russia exports more oil by sea to countries without pipelines. It stated that four-fifths are owned by American or European companies.
