**EU Continues to Fuel Russia’s War Chest**
The European Union has paid 21.9 billion euros ($22.9 billion) for Russian fossil fuel imports in the third year of Moscow‘s invasion of Ukraine. This is a slight decrease from the previous year, with volumes dropping by just 1%.
Despite efforts to reduce dependence on Russian energy, Europe continues to import large amounts of fossil fuels from Russia. In fact, the EU spent 7 billion euros ($7.3 billion) on Russian natural gas in the third year of the full-scale invasion, with volumes rising 9% compared to the previous year.
**Stronger Sanctions Could Make a Big Difference**
The Center for Research on Energy and Clean Air (CREA) reports that stronger sanctions could cut Russia’s fossil fuel revenues by 51 billion euros ($53.3 billion) annually. This would effectively reduce profits from these exports.
Russia’s total global fossil fuel revenue reached 242 billion euros ($253 billion) in the third year of the full-scale invasion, mainly due to its increased use of “shadow” tankers to transport oil to new markets, bypassing oil price caps.
**The West Must Act**
EU member states Slovakia, Hungary, and Czechia continue to exploit exemptions, importing 4.9 billion euros ($5.1 billion) of Russian pipeline oil in the third year. Analysts say this is not about technical constraints, but rather about prioritizing profits over European security.
Three countries now dominate Russian fossil fuel purchases: China (78 billion euros or $81.6 billion), India (49 billion euros or $51.3 billion), and Turkey (34 billion euros or $35.6 billion), accounting for 74% of Russia’s fossil fuel revenues.
**The EU Has Approved New Sanctions**
On February 24, the European Union approved its 16th package of sanctions imposed against Russia in response to its full-scale invasion of Ukraine. These sanctions target Russia’s “shadow fleet” of oil tankers, banks, aluminum imports, and other sectors.
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