Rising oil prices militate against achieving the intended reductions.
Lithuania, Poland and Estonia and – most of all – Sweden have nevertheless managed to cut back their Russian fossil fuel imports completely or at least significantly. Germany, the Netherlands and Italy remained below the global average.
The USA managed the biggest absolute reduction by cutting out Russian fossil fuels completely and reducing daily revenues for Russia by around $33 million between February-March and May 2022.
However, the combined 16% reduction by EU countries – despite smaller in relative terms – cut $114 million from daily Russian revenues over the same time period.
One country supplying more money to Russia by buying up discounted fuel shipments is India. Between February-March and May, the country spent approximately $65 million more per day on Russian energy.
All in all, Russia has been losing fossil fuel revenues of around $100 million per day since the start of the invasion.
Despite the discounts on shipments and the loss of customers, Russia is still earning almost 40 percent more on its energy exports when comparing to May 2021 as world market prices are through the roof.
