Russia made more money from energy exports than it spent on the invasion of Ukraine in the first 100 days since Vladimir Putin launched the ‘special operation‘, a new report shows.

According to the Centre for Research on Energy and Clean Air (CREA), an independent research body based in Finland, Russia made $97 billion from the export of fossil fuels during the first 100 days of the invasion, roughly $1 billion a day.

Of the $97 billion, Russia made $48 billion from the sale of crude oil alone, while pipeline gas exports accounted for $25 billion. The rest was earned from the export of oil products, liquefied natural gas, and coal.

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Interestingly, the European Union (EU) alone was responsible for the import of $59 billion worth of energy from Russia in the first 100 days of the invasion, accounting for approximately 61% of Moscow’s energy exports.

What is most notable perhaps is the fact that Russia’s daily earnings from energy exports far outdo Putin’s expenses on the war in Ukraine, which, according to official statistics, is costing Moscow approximately $326 million a day.

While money from the EU appears to be currently partly financing Russia’s very expensive war on Ukraine, Moscow will not be able to count on European money for too long.

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Last month, EU leaders agreed to a new sanctions package for Russia that includes a pledge to reduce Russian energy imports by 90% by the end of the year.

That being said, experts suggest that Russia, the world’s third-largest oil producer after the United States and Saudi Arabia, will find other customers for energy exports, with China and India ready to accept discounted Russian crude.

Indeed, if reports are to be believed both Beijing and New Delhi have stepped up oil imports from Russia, with CNBC data suggesting that China’s oil imports from Russia have increased three-fold year-on-year. India, meanwhile, has almost doubled its imports, buying 11 million barrels in March, followed by 27 million and 21 million in April and May respectively.