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In 2022, Russia reportedly increased its energy revenues, and even with a slight downturn in 2023, revenues remained comparable to pre-war levels. According to the Russia Fossil Tracker, the Kremlin has amassed approximately €881.9 billion from fossil fuel exports since the onset of the conflict, enabling considerable financing for its military operations in Ukraine.
How Sanctions Have Failed to Subdue Revenues
Several reasons explain the limited effectiveness of Western sanctions on Russian energy revenues:
- Exemptions and Loopholes: Certain European nations—such as Czechia, Austria, Hungary, Slovakia, and Bulgaria—were either partially exempt from sanctions or found ways to circumvent them, continuing to import Russian gas.