Russia has raked in $158 billion in energy exports since the Ukraine invasion began- far above previous years, with the EU accounting for more than half.
Prices of natural gas have soared to record levels in Europe as Russia has turned off supplies.
The Centre for Research on Energy and Clean Air (CREA) called for more effective sanctions against Moscow to combat the soaring prices of oil, gas and coal caused by the invasion.
CREA said: ‘Fossil fuel exports have contributed approximately 43 billion euros to Russia’s federal budget since the start of the invasion, helping fund war crimes in Ukraine.’
The CREA estimated that during this time, the European Union was the top importer of Russian fossil fuel exporters, at 85.1 billion euros.
China was next at 34.9 billion euros and Turkey followed at 10.7 billion euros.
Within the EU, Germany was the biggest importer, buying 19 billion euros worth of fossil fuels from Russia during the six-month period.
These figures refer to the six months after Russia first invaded Ukraine on February 24.