‘Russia’s fossil fuel export revenues rose in July’

Despite lower export volumes, revenues rose driven by skyrocketing gas prices, according to a report

Higher gas prices have led to an increase in revenues from Russia’s fossil fuel exports to other countries in July.

A new report by the Centre for Research on Energy and Clean Air (CREA) suggests although the volumes of crude oil and gas exported to other counties dipped, the volatility in the market meant that Russia earned more cash.

The CREA analysis estimates that reductions in import volumes since the start of the invasion cost Russia nearly €200 million (£257m) per day.

Exports to India, China and Egypt remained above pre-invasion levels, but the increases were nowhere near sufficient to offset the reductions in imports to the EU, the CREA has said.

According to the report, crude oil exports to Egypt, India and the United Arab Emirates have surged in recent months.

Some of these countries use imported oil to refine and re-export it.

Last week, G7 finance ministers agreed on introducing a price cap on Russian oil. 

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