Financing the Kremlinʼs war chest 

Moscow is spending an estimated €840 million per day on Russia’s war in Ukraine, funded by revenue from fossil fuel exports that exceed this sum by some €90 million daily


Crude oil price ($ per barrel)	Brent crude	Urals crude 

$79.98
Jan 3: $86.51
Feb 24: Russia invades Ukraine 
Russia heavily discounts its main export blend
Apr 15: -$37.35 discount
$78.95 -$34.13 discount
Jun 20: $113.08

125
100
75
50
Jan Feb Mar Apr May Jun

    
Imports of Russian fossil fuels in first 100 days of war (Feb 24-Jun 3)

Germany €12.1bn 
Jun 17: Russia cuts capacity on main gas pipeline by 60% 

Italy
€7.8bn
   
Netherlands
€7.8bn

Poland
€4.4bn

France
€4.3bn

Belgium
€2.6bn

China €12.6bn 
May: Crude oil imports from Russia soar 55%

Rest of world 
€7.4bn

India
€3.4bn

UK
€5.9bn

Turkey   
€6.7bn

Rest of EU
€18.0bn

€93 billion 
Oil and oil products: 63% 
Gas: 32% 
Coal: 5%

 
Sources: Centre for Research on Energy and Clean Air, Financial Times 
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