The Energy Revolution Is Europe funding Putin's war? Why sanctions on Russian oil and gas aren't working, with Isaac Levi (CREA)
Sep 9, 2025
Isaac Levi, Head of the Europe and Russia policy team at the Centre for Research on Energy and Clean Air, dives into the complexities of EU sanctions on Russian fossil fuels. He reveals how EU member states have inadvertently funded Russia's war efforts while navigating around sanctions. Discussion includes the shift of oil flows to countries like China and Turkey, the challenges of enforcing sanctions, and how high fossil fuel prices can impact the transition to renewable energy. Isaac also highlights the EU's proactive leadership in tackling these issues.
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Russia Is A Gas Station State
- Russia relies on fossil fuel exports for roughly a third to half of tax revenue, making hydrocarbons central to its state financing.
- Isaac Levi says Russia earns around £630 million per day from fossil fuel exports funding military spending.
Russian Oil Flows Rapidly Re-routed
- After the invasion, crude oil flows quickly realigned so China, India and Turkey now take over 90% of Russian crude exports.
- Isaac Levi notes India multiplied its Russian crude imports more than 13-fold in the year after the invasion due to large discounts.
Refined Fuels Mask Origin
- Refined products made from Russian crude travel globally; some refined fuel imported into the UK and EU contains 'Russian molecules.'
- Levi explains bans on direct crude don't stop finished fuels re-entering markets after third-country refining.