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LONDON: Five fossil fuel majors have made over US$281 billion net profit since Russia’s invasion of Ukraine two years ago.

According to a new analysis by Global Witness, Shell, BP, Chevron, ExxonMobil and TotalEnergies paid US$200 billion to shareholders in the period.

In 2022 U.S. president Joe Biden accused the oil and gas industry of “war profiteering” while UN Secretary-General Antonio Guterres said the five companies “have humanity by the throat”.

In November last year, the UN Human Rights Monitoring Mission in Ukraine said at least 10,000 civilians, including over 560 children, have been killed and over 18,500 have been injured since the war began. The following month nearly 600 more civilians died due to intense Russian missile attacks.

“This analysis shows that regardless of what happens on the front lines, the fossil fuel majors are the main winners of the war in Ukraine. They have amassed untold wealth off the back of death, destruction, and spiralling energy prices,” commented Global Witness fossil fuel investigator Patrick Galey.

Shell made US$58.98 billion profit in the two-year period; BP, US$35.24 billion; Exxon Mobil, US$86.27 billion; Chevron, US$50.57 billion; Total Energies, 50.39 billion for a total of US$281.47 billion. The non-profit said it obtained the data from company reports.
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