July 5, 2022

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Russian oil and gas have cost our country an additional 2 billion euros since the war |  right Now

Russian oil and gas have cost our country an additional 2 billion euros since the war | right Now

Dutch exports to Russia and Ukraine have stopped since the start of the war in March, but in the same period an additional 1.7 billion euros was spent on oil and gas from Russia. The Central Bureau of Statistics (CBS) reported that the quantity remained the same, but the price rose sharply.

Exports of goods from the Netherlands to Ukraine decreased by 84 percent in March compared to the same month last year, and exports to Russia decreased by 67 percent. This equates to 97 million euros and 453 million euros less income for our country, respectively.

Imports from Ukraine also fell sharply by 31 percent, but it only cost us 10 percent less. This is due to the sharp rise in food prices. The Netherlands mainly obtains corn oil and sunflower oil from Ukraine.

Imports from Russia are more complicated. Total imports remained roughly the same, but twice as much was spent on them. In March of last year, the Netherlands paid 1.9 billion euros for Russian goods, last March it was already 4.1 million euros. This represents an increase of 2.2 billion euros, of which 1.7 billion euros is for mineral fuels. According to CBS, this mainly pertains to oil and gas.

Energy prices have been rising since the middle of last year, but after the Russian invasion of Ukraine at the end of February, they are rising even faster. On the 7th of March, the price of gas touched a record price of 129 euros per megawatt, but in the meantime it fell below 90 euros. However, this is still close to the €30 gas cost before the price increase began. Oil prices have also been on the rise for some time.

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