Standard Chartered expects the energy market to be surprised at the speed of contraction of Russian energy flows into Europe in coming months. EU countries have paid Russia just over $50 billion (EUR 48.1 billion) for fossil fuels since Russia invaded Ukraine. That’s what Standard Chartered reported in a new market note, citing trade-flow tracking estimates made by the Helsinki-based Centre for Research on Clean Air and Energy (CREA). EU transfers to Russia for oil, gas and coal have averaged $730 million per day since the invasion of Ukraine, which is about four times Russia’s daily military expenditure, Standard Chartered highlighted. In the note, Standard Chartered also pointed out that the International Energy Agency estimates that taxation on oil and gas revenues made up 45 percent of Russia’s federal budget in 2021, “reinforcing the view in the EU of a direct link between the use of Russian hydrocarbons and […]