Russia redirects almost all oil exports to Asia

Russia has almost entirely redirected its oil exports to China and India, with revenues similar to those of 2021, its deputy Energy Minister Alexander Novak announced.

Russia, the target of a raft of Western sanctions over its offensive in Ukraine, especially over its hydrocarbons, now sells 45-50% of its oil to China and 40 % to India, he said.

"If we used to supply Europe with 40-45% of the total volume of oil and oil products exports, we expect this figure to be no more than 4-5% by the end of the year," Novak told Russian TV channel Rossia 24 in an interview.

Despite restrictions from the West, which wants to limit the selling price of Russian oil, Novak welcomed the fact that "the Russian energy and oil complex will have successfully developed by 2023".

"Many people want to buy Russian oil and oil products. These are Latin American countries, African countries and other countries in the Asia-Pacific region," he said.

Russia's oil and gas revenues this year will amount to nearly 9 trillion roubles (about $98 billion), which is "roughly the level of 2021", before sanctions, he said.

The hydrocarbon industry accounts for 27% of Russia's GDP (gross domestic product), and its sales abroad account for about 57% of the country's total exports, Novak added.

In late November, Russia decided, along with the other OPEC+ (Organisation of the Petroleum Exporting Countries and its allies) countries, including Saudi Arabia, to step up its reduction in oil production to boost prices.