Russia has increased its oil exports to India by a massive 2,200% since sanctions over the invasion of Ukraine cut the country off from its European markets, Russian Deputy Prime Minister Alexander Novak said Tuesday.
“Most of our energy resources have been redirected to other, friendlier markets,” Interfax quoted Novak as saying.
“If we look at oil supplies to India, they increased 22 times last year,” he said at a Russian Energy Ministry meeting.
“Supplies to the People’s Republic of China and other markets have also grown. This is also the result of the great work that has been done in the industry,” Novak added.
Russia has rerouted its oil exports through neutral countries since the European Union embargoed seaborne Russian oil deliveries and introduced a price cap on Russian crude oil in coordination with the G7 late last year.
Individual European countries such as Germany have taken their own steps to end their reliance on Russian energy supplies following the invasion of Ukraine.
Russia, a major producer and key ally of the OPEC oil cartel, cut crude production by 500,000 barrels per day this month in response to the Western sanctions.
Novak last week announced that the output reduction, which amounts to 5% of Russia’s daily production, would continue through June, saying the move was part of Moscow’s response to Western penalties targeting Russia’s oil industry that aim to limit Moscow’s ability to finance its military.
The International Energy Agency said this month that Russia’s oil-export revenue sank by almost half in February compared to last year.
AFP contributed reporting.
