MOSCOW: Russia has redirected its oil exports from Europe to China and India, Deputy Prime Minister Alexander Novak said on Wednesday (Dec 27), almost two years after Moscow was hit by Western sanctions over the Ukraine conflict.
After President Vladimir Putin sent troops to Ukraine in February 2022, Western countries hit Russia with a slew of sanctions including a European Union embargo on its seaborne oil deliveries.
“We previously supplied a total of 40 to 45 percent of oil and oil products to Europe,” said Novak, who is in charge of energy policy.
“This year, we expect the figure not to exceed four to five percent of total exports,” Novak said in a televised interview.
As it was losing much of its market share in Europe, Moscow pivoted to other buyers including China.
“China – whose share (of oil exports) has grown to 45 to 50 per cent – and India have become our main partners in the current situation,” Novak said.
India, which previously received almost no shipments, has become a major buyer.
“In two years the total share of supplies to India has increased to about 40 per cent,” Novak said.
India has been able to snap up discounted crude from Russia before refining it and selling it to European customers, reports say.
Source: CNA
