Banking News – Despite imposing sanctions after Russia’s attack on Ukraine, member countries of the European Union (EU) have imported energy worth $320 billion 70 million from Russia from 2022 until now. Russian Deputy Prime Minister Alexander Novak stated on Monday that energy worth that amount was supplied to European Union (EU) countries during that period. According to him, Russian hydrocarbons worth $21 billion 30 million were purchased in the first nine months of 2026 alone. He stated that despite sanctions, energy supply has continued based on exemptions received in some areas, and that Russian oil exports could reach pre-war levels by the end of this year.

Swedish Foreign Minister Maria Malmer Stenergard stated that the expenditure on energy imports from Russia is greater than the assistance provided to Ukraine. She mentioned that since the war began in Ukraine, the European Union (EU) has provided 218 billion 70 million Euros, or $244 billion, in assistance. She stated that if frozen Russian assets could be used, assistance to Ukraine could be nearly doubled.

Although the European Union (EU) has imposed various sanctions on Russia, countries including France have been importing liquefied natural gas (LNG). Slovakia and Hungary have received exemptions for purchasing Russian oil coming through pipelines. Russian products processed in countries like India and Turkey and delivered to Europe are not included in the direct import figures. These countries and China have increased purchases of Russian crude oil since 2022. Meanwhile, European countries have criticized the agreement allowing the US to import Russian diesel.