Who is still buying Russian fossil fuels

We know that China and India are the biggest buyers of cheap Russian oil.

More than 100 days have passed since the Russian military started its illegal full-scale
invasion of Ukraine. These 100 days have witnessed war crimes, atrocities and human
suffering on a staggering scale.

Revenue from fossil fuel exports is the key enabler of Russia’s military buildup and
aggression. Recently, the country’s finance minister Anton Siluanov boasted on state
television that despite the reluctance and looming bans on Russian fossil fuels, the
country’s earnings from fossil fuel exports will increase by up to 14 billion euros this year
(due to high prices) and a part of the increase in revenue will be used to fund the “special
operation” in Ukraine.

Some companies, including BP, Shell, Total, ENEOS (Japan), Neste Oil (Finland), Orlen
(Poland), Tata Steel and Kyushu Electric Power have made announcements to stop some
or all purchases. In most cases, deliveries still take place under existing contracts for some
months.

15 oil, power and industrial firms continued purchases Russian fossil fuels in May

In our previous analysis, we identified 23 large companies that bought Russian
fossil fuels in the first two months of the war. 15 of these have continued purchases
in May: oil companies Exxon, Shell, Total, Repsol, Lukoil, Neste, and Orlen; power
utility companies Taipower, Chubu Electric Power, TEPCO and Trieste thermal
power plant; and industrial companies Nippon Steel, POSCO, Formosa
Petrochemical Corporation, and JFE Steel. Malaysia’s national electricity company
TNB joined the list in May.

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Jaak