The Finnish research institute, Centre for Research on Energy and Clean Air (CREA), has stated that Russia’s oil revenue losses to European Union sanctions will increase from February 2023.
According to the researcher, Russia has been losing about $172 million per day to previous EU ban on crude oil imports from Vladimir Putin, but starting from February 5, the loss will rise by 74.4 per cent, a new report has revealed.
Countries within the European Union have been deliberating on methods to hurt Russia’s economy, to reduce their financial capability to fund the war against Ukraine.
Some of the outcomes of the deliberation include reduction in crude oil import from Russia, which accounts for 30 per cent of the oil used in the EU in 2021, and accounting for around 45 per cent of EU gas imports and close to 40 per cent of its total gas consumption.
It was learnt from the EU’s 10-point plan that the group intends to totally eliminate the need for Russian gas imports before 2030. And with the EU not planning to sign any new gas supply contracts with Putin’s country in 2023, and planning to replace Russian supplies with gas from alternative sources, Russia’s revenue will drop further.
