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Russia’s Fossil-Fuel Sales to Europe Doubled in First Two Months of War, Says Study

War has sent global energy prices soaring—and Russia is cashing in.

Russia has almost doubled its earnings from fossil-fuel sales since Vladimir Putin ordered the invasion of Ukraine on Feb. 24. The country has received about $65 billion from sales of oil, coal, and gas in the past two months, according to a study reported by The Guardian. Sales to the EU amounted to $45 billion, compared to $148 billion for the whole of last year. The analysis, by the Center for Research on Energy and Clean Air, says physical volumes of sales have been cut by international sanctions, but that has been more than offset by rising prices, especially for gas—of which Russia is Europe’s main supplier and which Putin has started to weaponize against those countries supporting Ukraine militarily.