Russia redirecs most oil exports to China, India

MOSCOW

Russia has redirected its oil exports from Europe to China and India, Deputy Prime Minister Alexander Novak said yesterday, almost two years after Moscow was hit by Western sanctions over the Ukraine conflict.

"We previously supplied a total of 40 to 45 percent of oil and oil products to Europe," said Novak.

"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 45-50 percent - and India have become our main partners in the current situation," Novak said.

India, which previously received almost no shipment, has become a major buyer.

"In two years the total share of supplies to India has increased to about 40 percent," Novak said.

Novak said he expected Russian oil and gas revenues will amount to almost nine trillion rubles ($98 billion) this year - a level similar to before the offensive in 2021.

The oil and gas industry accounts for 27 percent of Russia's gross domestic product, according to Novak, bringing in 57 percent of Russia's export revenues.