Russia-Ukraine War

Russia Diverts Oil Exports to India and China, Defying Western Sanctions

Main image to the post Russia Diverts Oil Exports to India and China, Defying Western Sanctions

Russia has significantly shifted its oil exports from Europe to India and China, according to a top official. The European Union, previously the largest importer of Russian oil, has imposed a ban on Russian crude and oil products due to the ongoing war in Ukraine.

Despite the sanctions, Russia has managed to redirect its oil exports to other markets. India has emerged as a major destination, with its share of Russian oil exports increasing to approximately 40%. China also remains a significant importer, accounting for up to 50% of Russian oil exports last year.

Russia's deputy prime minister, Alexander Novak, stated that numerous other countries, particularly in Latin America and Africa, have expressed interest in purchasing Russian energy. Despite the decline in oil prices, Russia anticipates oil and gas revenues of approximately $100 billion this year.

Novak criticized Western sanctions as "illegal" and emphasized Russia's ability to overcome such trade restrictions based on its previous experience. The diversion of energy trade has contributed to Russia's war chest as the invasion of Ukraine continues.

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May 21, 2023 | 05:09