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Which Countries are Buying Russian Fossil Fuels?

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Bar chart of top importing nations of Russian fossil fuels

The Countries Buying Russian Fossil Fuels Since the Invasion

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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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Ranked: Electric Vehicle Sales by Model in 2023

Today, electric vehicle sales make up 18% of global vehicle sales. Here are the leading models by sales as of August 2023.

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The Highest Electric Vehicle Sales, by Model

Ranked: Electric Vehicle Sales by Model in 2023

Electric vehicle (EV) sales are gaining momentum, reaching 18% of global vehicle sales in 2023.

As new competitors bring more affordable options and new performance features, the market continues to mature as customers increasingly look to electric options.

This graphic ranks the top-selling EVs worldwide as of August 2023, based on data from CleanTechnica.

The Best Selling EVs in 2023 (Through August)

Below, we show the world’s best selling fully electric vehicles from January to August 2023:

ModelCountryVehicles Sold
(Jan-Aug 2023)
Tesla Model Y🇺🇸 U.S.772,364
Tesla Model 3🇺🇸 U.S.364,403
BYD Atto 3 / Yuan Plus🇨🇳 China265,688
BYD Dolphin🇨🇳 China222,825
GAC Aion S🇨🇳 China160,693
Wuling HongGuang Mini EV🇨🇳 China153,399
GAC Aion Y🇨🇳 China136,619
VW ID.4🇩🇪 Germany120,154
BYD Seagull🇨🇳 China95,202

As we can see, Tesla‘s Model Y still holds a comfortable lead over the competition with 772,364 units sold. That’s more than double the sales of the #2 top selling vehicle, Tesla’s Model 3 (364,403)

But it’s hard to ignore the rising prevalence of Chinese EVs. The next five best selling EV vehicles are Chinese, including three from BYD. The automaker’s Atto 3 (or Yuan Plus, depending on market), is being sold in various countries including Germany, the UK, Japan, and India.

Meanwhile, Chinese automaker GAC Group also had two models of its Aion EV brand make the rankings, with the Aion S selling 160,693 units so far.

Regional market strength is also clear. For Volkswagen’s ID.4 model (120,154 units sold), Europe and China account for the majority of sales.

Given growing cost efficiencies and changing consumer behavior, global EV sales are projected to make up half of new car sales globally by 2035, according to forecasts from Goldman Sachs.

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A Roadmap to Personalizing Model Portfolios

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