Russia's invasion of Ukraine is entering its 100th day on Friday with no end in sight.
Despite sanctions, Russia could still make an estimated $800 million a day from oil and gas this year.
Russia has been helped by a rally in oil prices, which have risen about 50% this year and are at 13-year highs. Russia's oil and gas sales could reach a total of $285 billion this year. The country took in $238.6 billion from oil and gas in 2021.
Much of the windfall can be traced back to the European Union.
The EU gets 40% of its natural gas from Russia. Germany, Europe's largest economy, is heavily reliant on the product.
Europe is a key destination for Russia's energy exports. Europe is a major buyer of Russian energy products, accounting for 50% of the country's crude-oil exports and 75% of its natural-gas exports in 2021, according to the EIA.
The EU spent 39 billion euros on Russian fossil fuels in the first two months of the war in Ukraine. The largest buyer of Russian fossil fuels was the bloc, according to a report by the Centre for Research on Energy and Clean Air.
According to the report, Germany spent 8 billion euros on imports. The Netherlands spent 6 billion euros, making it the second-largest EU buyer. In the third, Italy had 4.3 billion euros in purchases.
The sanctions against Russia have been undermined by continued fossil fuel imports from Russia, particularly to the EU, according to the report.
Fossil fuel exports are a key part of Russia's military build up and aggression against Ukraine.
The research organization said that the EU's efforts in setting new clean energy targets will not be an immediate fix.
The steps will provide a replacement for Russian fossil fuels over the next few years, but they have no effect on Russia's fossil fuel export revenue in the short term.
Robert Habeck, the country's economy minister, said in a March 25 press release that Germany will stop using Russian gas by 2024.
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