European and American oil companies have made record profits of more than $281 billion since the start of Russia's full-scale invasion of Ukraine. This is according to an investigation by Global Witness, Euractiv reports.
According to the analysis, the five largest Western oil and gas companies - Shell, BP, Chevron, ExxonMobil and TotalEnergies - have made more than $281 billion (€261 billion) in profits since the start of Russia's invasion of Ukraine.
Global Witness noted that since the COVID-19 pandemic, wholesale energy prices have risen significantly due to the war in Ukraine. The economic sanctions imposed on Russia for its aggression against Ukraine, as well as Moscow's decision to stop importing gas to a number of countries, have led to an increase in gas prices in Europe, which has provoked a global energy crisis, the report says.
As a result, American and European oil and gas companies have seen a rapid increase in profits.
One of the Global Witness researchers, Patrick Haley, said that "regardless of what happens on the front lines, the main winners of the war in Ukraine are fossil fuel companies".
The organisation's report says that British companies Shell and BP made £75 billion in profits, which could cover all household electricity bills in the UK for 17 months.
Record profits allowed oil companies to strengthen their market positions by acquiring smaller companies in the industry. For example, Chevron bought Hess Corporation for $53 billion, and ExxonMobil bought Pioneer for $60 billion.