Despite its tough talk about unwavering support for Ukraine, the European Union (EU) spent more on Russian oil and gas in 2024 than it did in aid to Ukraine, according to a new report from the independent Center for Research on Energy and Clean Air (CREA).
The data revealed that European nations spent $23 billion purchasing Russian fuel in 2024—$3.4 billion more than the $19.6 billion in foreign aid they provided to Ukraine.
While EU officials continue to preach about standing firm against Russia, their wallets tell a different story. Even though Europe’s spending on Russian energy declined six percent from the previous year, this was mainly due to lower global prices—the actual volume of Russian fuel imported only fell by one percent.
Meanwhile, Russia’s fossil fuel exports to China, India, and Turkey have surged, and the country’s so-called “shadow fleet” of 558 tankers moved 167 million metric tons of oil, circumventing Western price caps. As a result, Russia still pulled in $254 billion in fossil fuel revenue in 2024, down just three percent from the previous year.
Trump: “They Laughed at Me”
President Donald Trump has been warning Europe for years that its dependence on Russian energy would backfire. Speaking at the 2018 United Nations General Assembly, Trump explicitly called out Germany and other European nations for becoming “totally dependent” on Russian oil and gas.
“Germany will become totally dependent on Russian energy if it does not immediately change course,” Trump said at the time.
As he spoke, European leaders in the room—including German officials—literally laughed at him.
But Trump was right. Now, after years of claiming to stand against Russia’s aggression, Europe is still sending tens of billions to Moscow while struggling to provide Ukraine with a fraction of that amount in aid.
WATCH — Trump’s 2018 Warning to Europe: “You’ll Be Begging for Energy”
Sanctions Losing Their Bite as Russia Finds Workarounds
Despite multiple rounds of sanctions, Russia’s total energy revenue is down just 8% compared to pre-war levels. CREA analysts argue that tougher sanctions could cut Kremlin revenues by 20%—but only if Europe stops buying Russian fuel altogether.
“Purchasing Russian fossil fuels is, quite plainly, akin to sending financial aid to the Kremlin and enabling its invasion,” said CREA analyst Vabihav Raghunandan.
The Guardian also cited economist Christoph Trebesch, who pointed out that European aid to Ukraine has been far lower than the historical standard for similar conflicts, such as Kuwait’s defense against Iraq in the early 1990s.
Europe Won’t Cut Russian Energy—Because Biden Made It Impossible
Even as CREA and others push for stricter sanctions on Russia, industry experts argue that Europe is unlikely to take that step—because Joe Biden made it too difficult to get American energy instead.
“Russian pipeline gas has been cheaper than LNG prices, even with the geopolitical risk, the European buyers still find Russian gas economical,” said Jonathan Bass, founder of Argent LNG, in an interview with Fox News.
Why? Because when Biden took office in 2021, he crippled the American liquefied natural gas (LNG) industry with heavy restrictions—making it harder for Europe to replace Russian fuel with American energy.
President Trump immediately lifted those restrictions upon returning to office this year. However, Bass warned it will take time for the American LNG industry to recover, and in the meantime, European nations are hesitant to trust the U.S. energy market.
“They’ve become afraid of relying on America’s political swings,” Bass explained, adding that Europe’s infrastructure is still optimized for Russian pipelines, not LNG shipments from elsewhere.
What Happens Next?
Bass warned that Europe may return to pre-war levels of Russian fuel imports once the Ukraine conflict is resolved. The uncertainty about Trump’s long-term strategy has also made energy executives hesitant to invest in massive LNG export projects.
“We need assurance of direction,” Bass said. “Don’t do a Biden on us. If you want Europe supplied out of Russia, just say so, and we’ll find other markets. But we don’t need more flip-flopping—Biden set this whole Russia-Ukraine war up when he stopped dependence on American energy.”
The bottom line? Trump saw this coming years ago, warned Europe about it, and was mocked. Now, his prediction has come true, and Europe is still funding Putin’s war machine while claiming to support Ukraine.
They should have listened the first time.
