The report “THE CARBON WAR: ACCOUNTING FOR THE GLOBAL PROLIFERATION OF RUSSIAN FOSSIL FUELS AND THE CASE FOR UNPRECEDENTED INTERNATIONAL SANCTIONS RESPONSE” prepared by Razom We Stand with partner support from Centre for Research on Energy and Clean Air (CREA) and Business4Ukraine coalition aims to offer a comprehensive overview and a broader perspective on the global uncontrolled addiction to fossil fuels, notably those originating from Russia.
It seeks to elucidate how this continuous proliferation has led the world to its current precarious state, marked by an escalating climate crisis, increased energy poverty, the emergence of petro-dictators and autocracies, and the breakdown of the international rules-based order.
Russia accumulated more than EUR 550 billion ($604bn, £476bn) in revenue from fossil fuel exports from the start of the full-scale war in Ukraine until November 30, 2023, according to the data analysis by CREA. In 2024, the Kremlin is set to allocate nearly a third of its total expenditures to the military and military-industrial complex, marking the highest allocation since the Soviet era.
By sustaining connections with Russian oil and gas, international energy companies, commodity traders, shippers, insurers, and banks are extending the genocidal war in Ukraine and exacerbating the climate crisis. The ethical ramifications of this conduct, coupled with reported instances of involvement in Putin's war crimes, have cast doubt on the societal acceptance of these institutions. The report highlights that persistent engagement in producing Russian oil and gas poses substantial business, legal, and reputational risks for any engaged entities and their executives.
The international community must respond with decisive action to reduce Russian fossil fuel production and exports, which are a key source of Russia's war of aggression and a major driver of the climate crisis. The effectiveness of the embargo on Russian coal and oil in the EU shows the path of stronger international sanctions against all Russian fossil fuels.
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