Russia has earned $98bn from fossil fuel exports during the first 100 days of its war in Ukraine, with the European Union being the top importer.
The report published by the independent, Finland-based Centre for Research on Energy and Clean Air came as Russian forces continued making slow but steady progress in their campaign to fully capture eastern Ukraine’s Donbas region.
Kyiv has called on Western countries to sever all trade with Moscow in the hopes of cutting off its financial lifeline in the wake of the February 24 invasion.
Pre-war, Russia supplied 40 per cent of the EU’s gas and 27 per cent of its imported oil.