Report: European Union invests more in Russian oil and gas than in assistance for Ukraine

In a striking contradiction of its geopolitical stance, the European Union spent more on Russian oil and gas than it allocated in financial aid to Ukraine in 2024, according to a recent report from the Centre for Research on Energy and Clean Air.

While the European Union funnelled nearly €22 billion into Russian fossil fuel purchases, only €19 billion was dedicated to bolstering Ukraine's economy, exposing the bloc's ongoing dependence on energy supplies from Moscow despite its pledge to weaken Russia's war economy.

The European Union has imposed multiple rounds of sanctions on Russia, yet loopholes in enforcement have allowed billions to continue flowing into the Kremlin's coffers, with shadow fleets and indirect purchases keeping the trade alive.

Analysts suggest that tightening restrictions on Russian energy could cut Moscow's revenues by 20%, but political and economic hesitations within Europe continue to slow decisive action. For now, it remains to be seen whether the European Union will take bolder steps to close these financial gaps and prioritise economic support for Ukraine over energy security concerns.