Media: Europe is unable to abandon Russian raw materials

MOSCOW, 11 Oct — PRIME. Although the European Union has set itself the task of abandoning Russian energy resources, the countries of the bloc are not doing well: the region remains their main buyer, writes Markets Insider.

As follows from the data of CREA (Center for Energy and Clean Air Research), to which the publication refers, since February of this year, the countries of the European Union have spent more than one hundred billion euros on the purchase of Russian oil, gas and coal.

Although the EU reduced purchases by 50% from March to the end of September, the amount for them still remains impressive, writes Markets Insider journalist Yin Tang.

“The rise in fuel prices means that Russia’s energy revenues are significantly higher than in the previous year,” the CREA data says. At the same time, the volumes supplied to the EU countries have significantly decreased.

EU consumers faced rising prices for all types of energy products and double-digit inflation after the introduction of unprecedented sanctions against Russia and the chosen course of refusing to buy Russian raw materials.