Russian exports to EU increase despite rising oil prices

Imports of Russian goods from the European Union have increased in monetary terms despite a drop in volume this year due to rising prices of raw materials, including oil.

Critics have denounced continued European imports of Russian fossil fuels since Moscow invaded Ukraine in February, accusing the bloc of funding the Kremlin offensive.

EU imports from Russia Pink 78.9% in January-June 2022 compared to the same period last year, according to the bloc’s Eurostat agency. Russia was the bloc’s third-largest supplier after China and the United States, with sales of goods worth 120.4 billion euros ($122 billion) in the first half of 2022.

Oil imports Pink by 70% to 52 billion euros ($52.8 billion) over that period, according to Robin Brooks, chief economist at the Institute of International Finance trade group.

Oil prices averaged over $100 a barrel in January-June 2022.

Imports of natural gas increased by 240% to 24 billion euros ($24.3 billion) and coal by 170% to 4.9 billion euros ($4.97 billion) over the same period , Brooks added.

Russia’s oil and gas revenues rose despite the decline in total oil export volume by more than half a million barrels a day since February to around 7.4 million bpd in July, according to Kommersant.

The International Energy Agency has raised its forecast for Russian crude production through 2023, saying Western sanctions have had limited impact due to increased demand from mainly Asian buyers.

An EU embargo on Russian crude oil and petroleum products is expected to further reduce Moscow’s exports to Europe when it comes into force in February 2023.

The G7 countries agreed in June to work on a cap on Russian oil prices as part of efforts to cut Kremlin revenue and hamper its offensive in Ukraine.

Russia has stopped publishing official customs trade data since the start of the invasion of Ukraine.

EU exports to Russia, according to Eurostat, fell 30.4% and totaled 29.8 billion euros ($30 billion) in the first half.

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