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The Countries Buying Russian Fossil Fuels Since the Invasion

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Bar chart of top importing nations of Russian fossil fuels

The Countries Buying Russian Fossil Fuels Since the Invasion

A year on from Russia’s initial invasion of Ukraine, Russian fossil fuel exports are still flowing to various nations around the world.

According to estimates from the Centre for Research on Energy and Clean Air (CREA), since the invasion started about a year ago, Russia has made more than $315 billion in revenue from fossil fuel exports around the world, with nearly half ($149 billion) coming from EU nations.

This graphic uses data from the CREA to visualize the countries that have bought the most Russian fossil fuels since the invasion, showcasing the billions in revenue Russia has made from these exports.

Top Importers of Russian Fossil Fuels

As one might expect, China has been the top buyer of Russian fossil fuels since the start of the invasion. Russia’s neighbor and informal ally has primarily imported crude oil, which has made up more than 80% of its imports totaling more than $55 billion since the start of the invasion.

The EU’s largest economy, Germany, is the second-largest importer of Russian fossil fuels, largely due to its natural gas imports worth more than $12 billion alone.

CountryTotal Value of Russian Fossil Fuel Imports*Crude OilNatural GasCoal
🇨🇳 China$66.6B$54.9B$6.1B$5.7B
🇩🇪 Germany$26.1B$13.3B$12.1B$0.7B
🇹🇷 Turkey$25.9B$14.8B$7.5B$3.6B
🇮🇳 India$24.1B$20.8B$0$3.3B
🇳🇱 Netherlands$18.0B$16.2B$0.8B$1.0B
🇮🇹 Italy$14.8B$8.7B$5.6B$0.4B
🇵🇱 Poland$12.1B$8.9B$2.9B$0.3B
🇫🇷 France$9.5B$5.2B$4.2B$0.2B
🇧🇪 Belgium$9.2B$5.5B$3.5B$0.2B
🇭🇺 Hungary$8.6B$2.7B$5.9B$0
🇧🇬 Bulgaria$6.4B$3.9B$2.5B$0
🇸🇰 Slovakia$6.2B$3.1B$3.1B$0
🇯🇵 Japan$6.0B$0.6B$3.7B$1.7B
🇰🇷 South Korea$6.0B$1.8B$0.8B$3.5B
🇪🇸 Spain$5.8B$2.7B$2.9B$0.2B
🇦🇹 Austria$5.7B$0.1B$5.6B$0
🇪🇬 Egypt$5.4B$4.9B$0$0.4B
🇬🇷 Greece$4.5B$4.3B$0.2B$0
🇨🇿 Czechia$4.2B$2.7B$1.5B$0
🇦🇪 UAE$4.1B$4.1B$0$0.1B

*Over the time period of Feb 24, 2022 to Feb 26, 2023 in U.S. dollars

Turkey, a member of NATO but not of the EU, closely follows Germany as the third-largest importer of Russian fossil fuels since the invasion. The country is likely to overtake Germany soon, as not being part of the EU means it isn’t affected by the bloc’s Russian import bans put in place over the last year.

Although more than half of the top 20 fossil fuel importing nations are from the EU, nations from the bloc and the rest of Europe have been curtailing their imports as bans and price caps on Russian coal imports, crude oil seaborne shipments, and petroleum product imports have come into effect.

Russia’s Declining Fossil Fuel Revenues

The EU’s bans and price caps have resulted in a decline of daily fossil fuel revenues from the bloc of nearly 85%, falling from their March 2022 peak of $774 million per day to $119 million as of February 22nd, 2023.

Although India has stepped up its fossil fuel imports in the meantime, from $3 million daily on the day of the invasion to $81 million per day as of February 22nd of this year, this increase doesn’t come close to making up the $655 million hole left by EU nations’ reduction in imports.

Similarly, even if African nations have doubled their Russian fuel imports since December of last year, Russian seaborne oil product exports have still declined by 21% overall since January according to S&P Global.

Other Factors Impacting Revenues

Overall, from their peak on March 24th of around $1.17 billion in daily revenue, Russian fossil fuel revenues have declined by more than 50% to just $560 million daily.

Along with the EU’s reductions in purchases, a key contributing factor has been the decline in Russian crude oil’s price, which has also declined by nearly 50% since the invasion, from $99 a barrel to $50 a barrel today.

Whether these declines will continue is yet to be determined. That said, the EU’s 10th set of sanctions, announced on February 25th, ban the import of bitumen, related materials like asphalt, synthetic rubbers, and carbon blacks and are estimated to reduce overall Russian export revenues by almost $1.4 billion.

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Energy Shift

Visualized: Global Coal Consumption by Region

For this graphic, Visual Capitalist has partnered with Range ETFs to explore world coal consumption in 2023 and find out who consumed the most coal.

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Teaser image of a voronoi map that uses data from the Statistical Review of World Energy 2024 to show global coal consumption by region.

World Coal Consumption by Region in 2023

Despite many nations transitioning away from fossil fuels, in 2023, world coal consumption reached a staggering 164 exajoules (EJ) of energy, a record high for any year.

For this graphic, Visual Capitalist has partnered with Range ETFs to explore the role coal plays in the global energy mix and determine which regions still consume large quantities of coal.

The Role of Coal in Global Energy

Coal is a significant player in the global energy mix, contributing 26% of the world’s energy in 2023, more than all non-fossil fuel sources combined. The only energy source that contributed more to the global energy mix was oil.

Here’s how that consumption breaks down by region:

RegionConsumption (EJ)Share %
China91.956.1%
Asia Pacific (excluding China)43.826.7%
Americas10.06.1%
Europe8.45.1%
CIS*5.53.4%
Africa4.12.5%
Middle East0.40.2%
Total164.0100%

Coal consumption has decreased in many regions. For example, both North America and Europe reduced their energy consumption from coal by 16% in 2023. However, a heavy reliance on coal in the Asia Pacific region has led to global coal consumption remaining essentially the same over the past 10 years.

In 2023, China increased its coal consumption from 88 EJ to nearly 92 EJ—totalling 56% of global coal consumption. This contributed significantly to Asia Pacific leading the world with a staggering 83% of global coal consumption.

The Importance of Coal

Easy access to existing infrastructure and reasonable prices have not only sustained global coal consumption over the last 10 years, but also paved the way for potential growth. Many developing nations are now expanding their coal consumption, presenting potential opportunities in the coal market.

For example, as per the Statistical Review of World Energy 2024, between 2022 and 2023, Bangladesh and Colombia saw double-digit percentage increases in year-over-year coal consumption: 41% and 53%, respectively.

Coal continues to play a critical role in the global energy mix, especially in the developing world, where its affordability makes it the current energy source of choice.

Learn more about the Range Global Coal Index ETF (COAL)

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Energy Shift

Top Countries by Fossil Fuel Consumption in 2023

China and the U.S. account for nearly half of fossil fuel use.

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Bar chart showing the top 12 countries by fossil fuel consumption in 2023.

Top Countries by Fossil Fuel Consumption in 2023

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.

Fossil fuel consumption reached new record highs in 2023, driven by increased coal and oil use in China, despite the global boom in renewable energy.

Together, gas, oil, and coal accounted for 81.5% of the global energy mix last year, slightly down from 82% in 2022.

This graphic shows the top 12 countries by fossil fuel consumption in 2023. Data is from the Energy Institute, 2024 Statistical Review of World Energy, released in June 2024.

China and U.S. Account for Nearly Half of Global Fossil Fuel Use

China and the U.S. are responsible for almost half (47%) of global fossil fuel consumption.

CountryOil (Exajoules)Natural GasCoalTotal
🇨🇳 China331592140
🇺🇸 U.S.3632876
🇮🇳 India1122235
🇷🇺 Russia716427
🇯🇵 Japan73515
🇮🇷 Iran49012
🇸🇦 Saudi Arabia74012
🇰🇷 South Korea52310
🇨🇦 Canada4409
🇮🇩 Indonesia3249
🇩🇪 Germany4329
🇬🇧 United Kingdom3205
🌍 Rest of the World725024146

In 2023, China consumed 140 exajoules of fossil fuels, equivalent to approximately 5.8 billion tonnes of hard coal. The U.S. followed with 76 exajoules, while India was third with 35 exajoules.
Crude oil consumption surpassed 100 million barrels per day for the first time, and coal demand exceeded the previous year’s record.

China remains the largest coal consumer, accounting for 56% of global consumption, a new record for the country. Additionally, in 2023, India’s coal consumption surpassed the combined total of Europe and North America for the first time.

If you like this graphic, be sure to check out ‘Visualizing Global Energy Production in 2023.’ This graphic illustrates the sources of energy used worldwide last year.

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