IEA / Russia - Q&A (19 Jul. 2022)

Q: The International Energy Agency estimated that Russia has nearly doubled its revenues from oil and gas exports to Europe since the invasion of Ukraine. They now amount to $95 billion. How do you explain the failure of the sanctions, for the time being? Doesn’t it call into question the energy sanctions mechanism or call for a revision?

A: EU sanctions against Russia aim to drastically reduce the sources of financing for its war of aggression against Ukraine in order to raise the cost of that war and keep Russia from continuing its abuses in Ukraine. With that in mind, energy sanctions, including a ban on Russian oil, are designed to suppress its ability to finance the war.