MOSCOW: Russia has redirected its oil exports from Europe to China and India, Deputy Prime Minister Alexander Novak mentioned on Wednesday (Dec 27), nearly two years after Moscow was hit by Western sanctions over the Ukraine battle.
After President Vladimir Putin despatched troops to Ukraine in February 2022, Western nations hit Russia with a slew of sanctions together with a European Union embargo on its seaborne oil deliveries.
“We beforehand equipped a complete of 40 to 45 p.c of oil and oil merchandise to Europe,” mentioned Novak, who’s accountable for vitality coverage.
“This 12 months, we anticipate the determine to not exceed 4 to 5 p.c of complete exports,” Novak mentioned in a televised interview.
Because it was shedding a lot of its market share in Europe, Moscow pivoted to different consumers together with China.
“China – whose share (of oil exports) has grown to 45 to 50 per cent – and India have change into our primary companions within the present scenario,” Novak mentioned.
India, which beforehand obtained nearly no shipments, has change into a serious purchaser.
“In two years the entire share of provides to India has elevated to about 40 per cent,” Novak mentioned.
India has been capable of snap up discounted crude from Russia earlier than refining it and promoting it to European clients, studies say.