Europe bought $320 billion in energy from Russia despite sanctions

Despite sanctions imposed on Russia following its invasion of Ukraine, European Union member states have purchased around $320 billion worth of energy from Russia since 2022.

Russian Deputy Prime Minister Alexander Novak disclosed these figures on Monday. Based on Nepal Rastra Bank's US dollar buying rate of Rs 152.94 fixed for today, this amount comes to around Rs 49 trillion.

According to Novak, European countries purchased around $21.3 billion worth of Russian hydrocarbons in just the first nine months of 2026. Noting that exemptions in certain sectors have kept supplies from being halted, he said Russian oil exports could reach pre-war levels by the end of this year.

Even with sanctions in place, countries including France continue to import Russian liquefied natural gas (LNG). Slovakia and Hungary have been granted exemptions to buy Russian oil via pipeline. However, Russian output that is refined in India and Turkey before reaching Europe is not counted as direct imports.

Swedish Foreign Minister Maria Malmer Stenergard said Europe's spending on Russian energy exceeds the support it has given to Ukraine. According to her, the European Union has provided Ukraine with support worth around $244 billion since the war began.