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It is estimated that Russia has already earned more than $100 billion from fossil fuel exports in the first four months of the war.

China has emerged as the biggest importer of Russian fossil fuels, with more than $16 billion worth of imports. China is expected to keep up the pace of imports as it aims to replenish its strategic reserves.

Germany comes in second with more than $15 billion in payments to Russia. Recently, gas prices in Germany soared as the supplies decreased from Russia due to the increased tensions between the EU and Russia.

In the first 100 days of the war (24/Feb - 3/June), the EU imported more than 60% of all fossil fuel exports from Russia. With its high dependence on Russian fuels, it remains vulnerable to fuel price shocks in the coming months as Russia tightens supplies.

India, France and UAE have also increased their imports of Russian fuels due to the discounted pricing. Belgium and the Netherlands, bought most of the short-term cargo at a discount, buying LNG and crude oil on the spot market.

Russia has now become India's second-largest crude oil supplier after Saudi Arabia. A significant share of the crude is re-exported as refined oil products to various countries including the U.S. and Europe.

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