The value of Russian oil and gas exports has fallen by half since the start of the invasion of Ukraine

According to analyses by the Center for Research on Energy and Clean Air, the value of Russian exports of fossil fuels (oil, gas, coal) has fallen by half and reached its lowest level since the beginning of the invasion of Ukraine last May.

This represents a serious shortfall for Russia, given that fossil fuels alone account for approximately 60% of Russian exports and a third of the state budget. Approximately 40% of this budget is expected to be allocated in 2025 to military spending and financing the invasion of Ukraine. The decline in imports is therefore seriously undermining the financing of Russia's war effort.

Russia's fossil fuel exports consist primarily of petroleum products (72%), followed by gas (18%) and coal (10%). Two-thirds of fossil fuel exports go to China and India, major buyers of oil and coal.

Despite the string of sanctions and embargoes, Europe remained in May