Russia’s war in Ukraine is dragging on with no ceasefire in sight, and a major reason may lie in Europe’s ongoing trade with Moscow.
Despite public support for Ukraine, many European nations are still sending billions to Russia by purchasing its fossil fuels. That money is helping keep Vladimir Putin’s war machine running, even as peace talks loom.
The Kremlin’s confidence heading into upcoming ceasefire discussions in Istanbul comes from its solid financial footing. Over the last three years, Russia has earned nearly $939 billion from fossil fuel exports. Ukraine, by comparison, has received just $309 billion in foreign aid. Most of Russia’s energy profits are coming from Europe itself, according to new research cited by international watchdogs.
Although leaders across the EU have warned that Putin poses a serious threat to European security, their energy buying habits tell a different story. European countries were the fourth-largest buyers of Russian fossil fuels as recently as December. The gas giant Gazprom continues to rake in profits while the war rages on.
Even sanctions haven’t fully stopped the flow of money. A loophole allows countries like the UK and EU members to buy oil products refined in nations such as India and Turkey, even when those products originate from Russian crude. In 2024 alone, over €6 billion worth of Russian oil was refined and exported to sanctioning countries through this backdoor, adding millions more to Moscow’s war chest.
The US response under the Trump administration has offered little resistance. While Washington talks of disengagement, it has not applied serious pressure on Russia to accept a ceasefire. Even key leverage points — like increased military support for Ukraine or endorsing its NATO membership — have been left unused. Trump’s team continues to repeat that Ukraine will not be part of NATO, a stance that aligns with Kremlin demands.
For now, the war continues. More than 130,000 Ukrainians may have been killed, and over 15 million displaced. As talks begin in Istanbul, the imbalance between Ukraine’s support and Russia’s oil-funded economy remains stark.
The EU aims to stop buying Russian gas entirely by 2027, and has already cut its reliance from nearly half to less than a fifth of its total imports. But that long-term plan doesn’t change the current reality: Europe is helping finance the very war it says must end.
Until that changes, peace may stay out of reach.