Yet to Reach Independence from Russian Gas

Independence from Russian gas is far from being achieved

Business with the export of oil, gas, and coal has collapsed since the Russian war of aggression against Ukraine. Many states want to make themselves independent of Russian energy, for example by building floating LNG terminals.

Russia continues to export large quantities of fossil fuels. As of today, 7/9/2023, the Russian Fossil Tracker website reported a total value of almost $384 billion in exports, split between oil ($252 billion), gas ($99.5 billion), and coal ($32.5 billion). The European Union’s share is more than 40 percent.

According to statistics from the beginning of January this year to June 16, the EU no longer imports any coal. However, when it comes to gas, the EU is way ahead, having purchased natural gas worth US$ 7.2 billion from Russia, as well as $11.2 billion worth of crude oil. China remains the overall largest buyer of Russian energy, paying $23.9 billion for crude oil alone. This places the EU in second place overall. India and Turkey are also major buyers, with 15.3 and 13 billion dollars respectively, importing only crude oil and coal.

Additionally, the statistics show that the United Arab Emirates imports crude oil worth $2.3 billion. Some countries from the EU, such as Spain, the Netherlands, and Italy, also appear on the list with smaller individual imports, though it is unclear whether these are included in the EU figures. Germany does not appear individually in the list.

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