How much does Russia get from selling oil and gas to the EU after the Ukraine campaign?

Author Bahattin Gönyultash of the Turkish news agency Anadolu argues that the European Union (EU) “is practically tied” to Russia by gas pipelines and cannot impose tough sanctions on the country’s energy resources, namely a ban on oil and gas imports.

“Every day the EU pays Moscow $450 million in oil and $400 million in cash.” gas nature. Since Russia began its military operation in Ukraine, more than $48 billion has been transferred to Russia for energy purchases,” an article published in Anadolu said.

Turkish journalist Bahattin Gönyultash explains that the embargo is likely to increase prices, to the detriment of the EU and in favor of Russia, which can sell oil and gas to the rest of the world at high prices. At the same time, in his opinion, it is not possible to satisfy all of Europe’s needs with liquefied natural gas (LNG) if Russia’s gas supplies are disrupted.

“This situation also suggests a negative thought that the EU is funding the Russian military operation in Ukraine” – Bahattin Gönyultash wrote.

Russian Deputy Prime Minister Alexandr Novak previously said that the European Union is unlikely to completely replace Russia’s oil and gas supplies in the next 5-10 years, and key players in the industry also agree with the idea. this.

According to Mr. Novak, even just discussing the possibility of Europe rejecting fuel supplies from Russia has a negative effect on the market, because the market reacts to this immediately. Mr. Novak noted, if there is no Russian oil and gasthere will be price turmoil in the world, and prices will become uncontrollable.

Reuters also reported that, according to the Center for Research on Energy and Clean Air (CREA), a consulting organization based in Helsinki (Finland), EU countries have paid more than 46 billion euros ($47.43 billion). ) to buy Russian gas and oil since Russia launched a military operation in Ukraine on February 24.

In another development, Sputnik reported that Russia reduced oil production by nearly 9% in April compared to March, amid Western sanctions.

According to Aleksey Kokin, head of oil and gas analysis at Otkritie Investments, in March, Russia’s oil production was about 11 million barrels per day, 9% of which was about 1 million. Accordingly, production in April fell by about 1 million barrels per day (bpd) compared to March. Mr. Kokin said that this figure was not too much compared to pessimistic forecasts because analysts had predicted at the level. almost like that.

According to Mr. Kokin, oil production could continue to decline. The decrease in output was mainly due to difficulties in selling petroleum products. “Consumption of petroleum products has been a vulnerable link in this system since March. Maybe it’s because of the difficulty in selling products in the domestic market, not the domestic market. not only related to exports,” said Alexey Kokin.