Ukraine’s Svitlana Romanko is calling for a full embargo on Russian fossil fuels, warning that energy exports are keeping Vladimir Putin’s war alive. Since the invasion began, Russia has earned more than €938 billion from oil and gas sales, while spending on defense ballooned from $102 billion in 2022 to $149 billion in 2024.
Despite 18 rounds of EU sanctions and the G7’s ERA Loans for Ukraine initiative, Moscow still relies heavily on energy sales to countries like China, India, and Turkey. In May and July 2025, Europe rolled out its 17th and 18th sanctions packages, but Russia’s economy—facing shrinking reserves and a wealth fund drop from $135 billion to just $35 billion—remains fueled by oil and gas. The question now is whether Europe will finally strike directly at Putin’s war chest.
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