After Russia’s massive invasion of Ukraine in February last year, Western countries imposed broad sanctions on the aggressor, including banning the import of oil by sea. Russia has already solved this problem – with the help of its favored countries, it has managed to redirect the endangered oil.
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Less production, but Western sanctions have been bypassed
Today I can say that we have succeeded in redirecting the entire volume of prohibited exports. Russian Energy Minister Nikolai Shulginov told an energy forum, citing Reuters, that there had been no drop in sales.
Shulginov expects Russian oil and gas production to decrease in 2023 compared to the previous year. He blamed the situation on the pressure of Western sanctions and the lack of European buyers. Alexander Dyukov, CEO of Gazprom, the Russian oil giant, added that due to the increasing pressure of sanctions, the current year will be more difficult than before.
Russia was looking for buyers for oil all over the world
The Russian minister said that Russia has worked in recent months to redirect crude oil and petroleum products to new destinations in Asia, Africa, South America and the Middle East. In March, India was the largest importer of Russian Urals oil (named after the site of extraction). Deliveries to India are set to account for more than half of Russia’s sea exports from the Urals. In second place is China.
The Russian Deputy Prime Minister revealed that last year Russia increased its oil exports to India by 22 times. According to Reuters, in 2022, revenue from the sale of energy accounted for 42 percent. Russia’s budget – an increase of 36 percent in 2021 Russia announced a few days ago the extension of the period of oil production cuts until June.
Source: Reuters
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