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Who’s Still Buying Fossil Fuels From Russia?

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chart of Russian fossil fuel exports since invasion

The Largest Importers of Russian Fossil Fuels Since the War

Despite looming sanctions and import bans, Russia exported $97.7 billion worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of $977 million per day.

So, which fossil fuels are being exported by Russia, and who is importing these fuels?

The above infographic tracks the biggest importers of Russia’s fossil fuel exports during the first 100 days of the war based on data from the Centre for Research on Energy and Clean Air (CREA).

In Demand: Russia’s Black Gold

The global energy market has seen several cyclical shocks over the last few years.

The gradual decline in upstream oil and gas investment followed by pandemic-induced production cuts led to a drop in supply, while people consumed more energy as economies reopened and winters got colder. Consequently, fossil fuel demand was rising even before Russia’s invasion of Ukraine, which exacerbated the market shock.

Russia is the third-largest producer and second-largest exporter of crude oil. In the 100 days since the invasion, oil was by far Russia’s most valuable fossil fuel export, accounting for $48 billion or roughly half of the total export revenue.

Fossil fuelRevenue from exports (Feb 24 - June 4)% of total Russian fossil fuel export revenue
Crude oil$48.3B49.4%
Pipeline gas$25.2B25.8%
Oil products$13.6B13.9%
Liquified Natural Gas (LNG)$5.4B5.5%
Coal$5.0B5.1%
Total$97.7B100%

While Russian crude oil is shipped on tankers, a network of pipelines transports Russian gas to Europe. In fact, Russia accounts for 41% of all natural gas imports to the EU, and some countries are almost exclusively dependent on Russian gas. Of the $25 billion exported in pipeline gas, 85% went to the EU.

The Top Importers of Russian Fossil Fuels

The EU bloc accounted for 61% of Russia’s fossil fuel export revenue during the 100-day period.

Germany, Italy, and the Netherlands—members of both the EU and NATO—were among the largest importers, with only China surpassing them.

CountryValue of fossil fuel imports from Russia (Feb 24 - June 4)% of total Russian fossil fuel export revenue
China 🇨🇳$13.2B13.5%
Germany 🇩🇪$12.7B12.9%
Italy 🇮🇹$8.2B8.4%
Netherlands 🇳🇱$8.2B8.4%
Turkey 🇹🇷$7.0B7.2%
Poland 🇵🇱$4.6B4.7%
France 🇫🇷$4.5B4.6%
India 🇮🇳$3.6B3.7%
Other 🌍$35.7B36.5%
Total$97.7B100%

China overtook Germany as the largest importer, importing nearly 2 million barrels of discounted Russian oil per day in May—up 55% relative to a year ago. Similarly, Russia surpassed Saudi Arabia as China’s largest oil supplier.

The biggest increase in imports came from India, buying 18% of all Russian oil exports during the 100-day period. A significant amount of the oil that goes to India is re-exported as refined products to the U.S. and Europe, which are trying to become independent of Russian imports.

Reducing Reliance on Russia

In response to the invasion of Ukraine, several countries have taken strict action against Russia through sanctions on exports, including fossil fuels. 

The U.S. and Sweden have banned Russian fossil fuel imports entirely, with monthly import volumes down 100% and 99% in May relative to when the invasion began, respectively.

importers of russian fossil fuels

On a global scale, monthly fossil fuel import volumes from Russia were down 15% in May, an indication of the negative political sentiment surrounding the country.

It’s also worth noting that several European countries, including some of the largest importers over the 100-day period, have cut back on Russian fossil fuels. Besides the EU’s collective decision to reduce dependence on Russia, some countries have also refused the country’s ruble payment scheme, leading to a drop in imports. 

The import curtailment is likely to continue. The EU recently adopted a sixth sanction package against Russia, placing a complete ban on all Russian seaborne crude oil products. The ban, which covers 90% of the EU’s oil imports from Russia, will likely realize its full impact after a six-to-eight month period that permits the execution of existing contracts. 

While the EU is phasing out Russian oil, several European countries are heavily reliant on Russian gas. A full-fledged boycott on Russia’s fossil fuels would also hurt the European economy—therefore, the phase-out will likely be gradual, and subject to the changing geopolitical environment.

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Misc

Charted: The End-of-Life Recycling Rates of Select Metals

End-of-life recycling rates measure the percentage of a material that is recovered at the end of its useful life, rather than being disposed of or incinerated.

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A chart ranking the end-of-life recycling rates (EOL-RR) of commonly used metals in the economy, per 2021 data from the International Energy Agency.

Charted: The End-of-Life Recycling Rates of Select Metals

This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.

We visualize the end-of-life recycling rates (EOL-RR) of commonly used metals in the economy. Data is sourced from the International Energy Agency, last updated in 2021.

ℹ️ EOL-RR is the percentage of a material or product that is recycled or recovered at the end of its useful life, rather than being disposed of in landfills or incinerated.

Tracking recycling rates helps manage resources better and make smarter policies, guiding efforts to cut down on waste.

Ranked: The End of Life Recycling Rates of Select Metals

Gold has an 86% recycling rate according to the latest available data. Per the Boston Consulting Group, one-third of total gold supply was met through recycling between 1995–2014.

MetalEnd-of-life recycling
rate (2021)
🔍 Used In
Gold86%💍 Jewelry / Electronics
Platinum/Palladium60%🔬 Optical fibers / Dental fillings
Nickel60%🔋 Batteries / Turbine blades
Silver50%💍 Jewelry / Mirrors
Copper46%🔌 Electrical wiring / Industrial equipment
Aluminum42%✈️ Aeroplane parts / Cans
Chromium34%🍽️ Stainless steel / Leather tanning
Zinc33%🔗 Galvanizing metal / Making rubber
Cobalt32%🔋 Batteries / Turbine engines
Lithium0.5%🔋 Batteries / Pacemakers
REEs0.2%📱 Mobile phones / Hard drives

Note: Figures are rounded.

Several factors can influence metal recycling rates. According to this International Resource Panel report, metals that are used in large quantities (steel) or have a high value (gold) tend to have higher recycling rates.

However, for materials used in small quantities in complex products (rare earth elements in electronics), recycling becomes far more challenging.

Finally, a metal’s EOL-RR is strongly influenced by the least efficient link in the recycling chain, which is typically how it’s initially collected.

Learn More on the Voronoi App

If you enjoyed this post, check out Critical Materials: Where China, the EU, and the U.S. Overlap which shows how critical materials are classified within different jurisdictions.

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Misc

Companies with the Most Fossil Fuel and Cement CO2 Emissions

Half of the world’s total fossil fuel and cement carbon dioxide emissions in 2023 came from just 36 companies.

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Half of the world’s carbon dioxide emissions in 2023 came from just 36 companies. Here, we chart the world's biggest polluters.

Companies with the Most Fossil Fuel and Cement CO2 Emissions

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • Half of the world’s fossil fuel and cement carbon dioxide emissions in 2023 came from just 36 entities, according to a report by the Carbon Majors Project
  • If Saudi Aramco were a country, it would be the fourth-largest polluter in the world, after China, the U.S., and India.
  • Five publicly traded oil companies—ExxonMobil, Chevron, Shell, TotalEnergies, and BP—together accounted for 5% of global carbon dioxide emissions from fossil fuels.

Chinese Companies Dominate the List

This graphic is based on Carbon Majors, a database of historical production data from 180 of the world’s largest oil, gas, coal, and cement producers representing 169 active and 11 inactive entities.

In 2023, the top 20 highest carbon-producing entities were responsible for 17.5 gigatonnes of carbon dioxide equivalent (GtCO₂e) in emissions, accounting for 40.8% of global fossil fuel and cement CO₂ emissions. The list is largely dominated by state-owned companies, with 16 of the top 20 being state-controlled. Notably, eight Chinese entities contributed to 17.3% of global fossil fuel and cement CO₂ emissions in 2023.

EntityTotal emissions (MtCO2e)Global CO2 emissions (%)
1Saudi Aramco4.4%
2Coal India3.7%
3CHN Energy3.7%
4Jinneng Group2.9%
5Cement industry of China2.8%
6National Iranian Oil Company2.8%
7Gazprom2.3%
8Rosneft1.9%
9Shandong Energy1.7%
10China National Coal Group1.7%
11Abu Dhabi National Oil Company1.6%
12CNPC1.6%
13Shaanxi Coal and Chemical Industry Group1.6%
14Iraq National Oil Company1.3%
15Shanxi Coking Coal Group1.3%
16ExxonMobil1.3%
17Sonatrach1.2%
18Chevron1.1%
19Kuwait Petroleum Corp.1.0%
20Petrobras1.0%
21Shell0.9%
22Pemex0.9%
23TotalEnergies0.8%
24QatarEnergy0.8%
25Lukoil0.8%
26BP0.8%
27Glencore0.7%
28China Huaneng Group0.7%
29Luan Chemical Group0.7%
30Equinor0.7%
31Peabody Energy0.7%
32Nigerian National Petroleum Corp.0.6%
33CNOOC0.6%
34ConocoPhillips0.6%
35Eni0.6%
36Petronas0.5%

Coal continued to be the largest source of emissions in 2023, representing 41.1% of emissions in the database and continuing a steady upward trend since 2016. Coal emissions grew by 1.9% (258 megatonnes of carbon dioxide equivalent – MtCO₂e) from 2022, while cement saw the largest relative increase at 6.5% (82 MtCO₂e), driven by expanding production.

In contrast, natural gas emissions fell by 3.7% (164 MtCO₂e), and oil emissions remained stable with only a slight increase of 0.3% (73 MtCO₂e).

Learn More on the Voronoi App

To learn more about this topic, check out this graphic that shows greenhouse gas emissions by sector in 2023, according to data was compiled by the United Nations. The power sector remains the largest emissions contributor.

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