What Sanctions: EU remains top buyer of Russian coal, gas, oil

Brussels: Despite sanctions, the European Union was the top buyer of Russian coal, oil and gas, the latest estimates by the Centre for Research on Energy and Clean Air (CREA). In June 2022, the 27-nation bloc imposed unprecedented sanctions against Russia in response to the “unprovoked and unjustified” invasion of Ukraine on 24 February, 2022. Since Russian President Vladimir Putin began “special military operation” in Ukraine in February last year, Moscow earned more than $315 billion from international sales of its fossil fuels, with $149 billion, around half of the total amount coming from the European Union member states. Also Read: Poland still buying Russian oil: deputy minister The EU’s sanctions include a ban on Russian seaborne crude and coal imports. There is also a price cap on oil and petroleum products from the country. Due to limited domestic resources, the European Union has been reliant on Russian fossil fuels. Also, the bloc has been making efforts to diversify its energy supply. The EU has continued to purchase Russian fossil fuels despite sanctions as it remains a cost-effective and reliable source of energy. China overtakes EU During two months through 4 March this year, China overtook the European Union to become the biggest buyer of Russian energy products. The country largely imported crude oil, which made up more than 80 per cent of its energy purchases worth over $55 billion. Don’t Miss: ‘India buying Russian crude oil is good economics, don’t bring politics into it’ For the unversed, the EU and China are two of biggest consumers of Russia. The ongoing geopolitical tensions, including the Russia-Ukraine conflict have implications for the global energy market. In a report earlier this month, CREA said in the week through 26 February the top five EU importer countries were Austria, Slovakia, Spain, Poland and the Czech Republic. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.