Nearly the entire quantum of Russian crude exports in 2023 was split between India and China, said Alexander Novak, the Deputy Prime Minister of Russia, while speaking to the country’s local media.
Almost half of the entire export went to China, whereas, India’s share stood at 40 percent, Novak was reported as saying by state-run news agencies in Moscow on December 27.
“The main partners in the current situation are China, whose share has grown to approximately 45-50 percent, and, of course, India,” news agency Reuters quoted Novak as saying.
“Earlier, there were no supplies to India; in two years, the total share of supplies to India has come to 40 percent,” added the deputy PM, who is in charge of Russia’s energy sector.
The share of Europe, which was the prime importer of Russian oil and petroleum before the Ukraine war, has dropped to around 4-5 percent, Novak said. The continent’s share in Russian crude exports stood at 40-45 percent in the pre-2022 period.
“Russia has successfully circumvented sanctions on its oil and diverted flows from Europe to China and India, which together accounted for around 90 per cent of its crude exports,” Novak told Rossiya-24 state TV.
One of the reasons why Moscow was able to dodge the sanctions is that it started forging ties with Asia-Pacific countries much before the West imposed its most stringent set of sanctions against the country in February 2022, when the conflict with Ukraine broke out, he explained.
“As for those restrictions and embargoes on supplies to Europe and the U.S. that were introduced… this only accelerated the process of reorienting our energy flows,” Novak claimed.
On being asked by the local media about the OPEC+ country’s decision to reduce oil flow, Novak said Russia is a member of the grouping and would comply with the obligations on supply cuts. The country sees Brent prices at $80-$85 per barrel in 2024, which are broadly in line with the present levels, he added.
