Russia's profits on its oil and gas sales have spiked since it invaded Ukraine, with the country raking in $66 billion despite Western sanctions crippling much of its economy.
Russian exports to the European Union, worth approximately 44 billion euros, roughly doubled in 2022 compared to the same two-month period last year, a study from the Centre for Research on Energy and Clean Air shows.“So 44 billion euros ... represents a doubling from last year," Lauri Myllyvirta, lead analyst for the center, told the Associated Press."The main driver is that market prices for gas rose from around 10 euros per MWh a year ago to above 100.
The top six biggest importers in order were: Germany , Italy , China , Netherlands , Turkey , and France . European officials pledged to cut Russian gas imports by two-thirds in 2022 and end all imports by 2030 while resisting immediate changes. Emily Haber, the German ambassador to the United States, warned that going"cold turkey" on Russian gas immediately would"cause a massive, instant disruption."
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