How Russian Oil flows to Europe & Europe’s Dependence on Russian Oil puts $285 Million a Day in Putin’s Pocket
of Russian oil to stop funding Putin’s war in Ukraine. The analysis estimates that Russia received $104 billion from oil exports to Europe and the UK last year, dwarfing its gas revenues .
Europe is dependent on Russian oil for over a quarter of its crude oil. While some European countries like Slovakia are dependent on Russia for over 90% of their oil, the continent’s dependence as a whole, while significant, is not insurmountable, the analysis shows. However, this does not solve Europe’s long-term dependence on oil, warns T&E. The EU’s new energy security strategy, to be launched on Wednesday, seeks to insulate Europe against the risk of energy supply disruption and rising prices, particularly for those countries that rely heavily on Russian gas.
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