Ukraine, boom in export revenues to the EU for Moscow

European Union imports from Russia increased by 78.9 percent in terms of revenues, in the first six months of the year compared to the same period last year

European Union imports from Russia increased by 78.9 per cent in terms of revenues in the first six months of the year compared to the same period last year, despite the sanctions introduced by Brussels after the start of the invasion of Russia. ‘Ukraine on February 24, Eurostat calculated.



This trend is explained by the increase in gas and oil prices. In this period Russia was the third country for imports to the EU, after China and the United States, with supplies amounting to 120.4 billion euros.

Oil imports increased, in terms of expenditure, by 70 percent to 52 billion euros, those of gas by 240 percent to 24 billion euros, coal by 170 percent to 4.9 billion euros. imported from the EU.

However, the total volume of oil and fuels decreased by more than half, ie by 500 million barrels per day since February, reaching 7.4 million barrels per day in July (source: Kommersant). According to the International Energy Agency, crude oil production in Russia will increase next year. Western sanctions have little impact given Asian shoppers who have compensated by increasing purchases.

EU exports to Russia in the first six months of the year, on the other hand, fell by 30.4 percent to settle at 29.8 billion euros in the first six months of the year, again according to Eurostat (since the beginning of the war Russia no longer publishes data from the statistics agency).

According to leaks leaked by the Ministry of Economy in Moscow, revenues from exports of energy products this year are expected to increase by nearly $ 100 billion to reach 338 billion by the end of the year, a jump of more than a third from that. to 244 billion last year. The price of gas, according to Moscow’s projections, is expected to more than double this year to $ 730 per thousand cubic meters on average, before gradually returning to decline until the end of 2025.



Source-www.adnkronos.com