These 6 European countries paid Russia $40 billion for fuel in the three months of the war, despite impending bans and sanctions on imports

Six European buyers accounted for almost half of the revenues Russia banked from fossil fuel exports in the first 100 days of the war in Ukraine, even as the European Union was planning to ban imports from the country, according to a recent analysis.

According to the Centre for Research on Energy and Clean Air, France, Germany, Netherlands, Italy, Poland, and Belgium were the top buyers of Russian fossil fuel exports.

The spot market is where traders buy and sell physical oil for immediate delivery, as opposed to the futures market, where they set a price for delivery at some point in the future

"These purchases take place outside of pre-existing contracts, therefore always representing an active purchase decision."

Most natural gas imports into Europe are more difficult to avoid than Russian crude oil and refined products.

The countries spent a combined total of 40 billion dollars on fossil fuel exports from Russia.

Record discounts 

Western sanctions and traders avoiding them have made Russian oil less expensive than other grades.

A barrel of Urals crude is currently trading at a record $30 discount to the global benchmark, which stood at about $120 a barrel on Friday.

Russian oil and gas sales are expected to increase by 20% in the next two years, thanks to Chinese and Indian purchases.

India has increased its buying to the tune of over one million barrels a day compared to nothing in January.

Russian oil production has gone up 5% so far in June in response to the response. Through the first 13 days of June, the average daily oil production was up 68,000 from the previous month.

European countries continued to buy Russian fuel even after EU leaders agreed to reduce oil imports from Russia. It hasn't stopped imports of natural gas yet.

Russia has typically supplied about a third of the EU's oil and natural gas needs.

Germany was the second largest importer of Russian fuel after China, buying $12.6 billion worth, according to the report. A combination of coal, natural gas, crude oil and refined products were paid for by six people.

The EU's continued reliance on Russian fuel is shown against this backdrop. Putin said that the West will not be able to cut off Russian energy resources over the next couple of years.