Russia has redirected its oil exports from Europe to China and India, Deputy Prime Minister Alexander Novak said Wednesday, 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 40-45% 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 4-5% 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% — 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%,” Novak said.