Putin’s energy crisis has reached £141 billion in profits

On Monday, the Centre for Research on Energy and Clean Air (Crea) published its findings that Russia had made £141billion in profit from oil, gas and coal sales since the Ukraine invasion began six months ago. The Finnish think tank also estimated that Russia has spent only £86billion on the war, but no official figures have been released.

The think tank wrote: “Russia has cut gas exports to the EU by 75 percent, in an attempt to blackmail Europe.

“Yet the increases in gas prices have meant that the EU is paying Russia as much for gas as a year ago.”

Since the invasion of Ukraine began in February, the European Union has paid Russia £57billion and gas and oil deliveries, and Germany by itself has spent more than £16billion.

Russia has also traded energy with China and received £31billion in profits.

Last week, the Russian state-owned energy company Gazprom shut down the Nord Stream 1 pipeline, which is Europe’s main gas supply route from Russia.

Gazprom has claimed that Europe’s sanctions on Russia for the Ukraine invasion have prevented regular maintenance of the pipeline.

A representative of Gazprom told Reuters that the pipeline would remain closed until it was fixed by Siemens Energy, a German company which usually works on the Nord Stream.

However, Siemens has said an oil leak would not cause a shutdown.

They said: “Such leaks do not normally affect the operation of a turbine and can be sealed on site. It is a routine procedure within the scope of maintenance work.”

READ MORE: Putin ‘panicking’ as Russian forces fear Ukrainian ‘offensive’ attack

President Putin’s spokesperson criticised European politicians for the current energy crisis.

Mr Peskov said: “It is obvious that Europe is getting worse for people, entrepreneurs, companies, to live and work: less money is being earned, the standard of living is falling.”

The European Union has said it will cut gas imports from Russia by two-thirds by 2023, but will not impose a gas ban.

The EU has said its latest trade sanctions on Russia would cut the amount of oil it buys from Russia by 90 percent, but will take months to come into full effect.

Ukraine’s leader has said Russia is preparing a “decisive energy attack” on all Europeans.

President Zelensky said: “It is trying to attack with poverty and political chaos where it cannot yet attack with missiles.”

He added that unity among European countries would help offer protection from the crisis.

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