Russia has sold almost all of its oil to China and India
Russia sold almost all of its oil to China and India at the end of the year. China's share alone is around 45 to 50 percent, said Deputy Prime Minister Alexander Nowak on Wednesday. India's share had risen from almost zero to 40 percent within two years. "There used to be practically no deliveries to India," Novak told the state TV channel Rossiya-24.
Russia had already expanded its relations with Asian countries before the war in Ukraine, Novak continued. The sanctions imposed by Europe and the USA had merely accelerated the reorientation towards the East. Europe's share of Russian crude oil exports had fallen from around 40 to 45 percent to around four to five percent.
Following the Russian invasion of Ukraine, the USA and the EU imposed sanctions against the Russian energy industry and gradually tightened them; for example, the USA recently announced punitive measures against the Arctic LNG 2 liquefied natural gas project of the Russian company Novatec. According to a report in the Russian newspaper Kommersant on Monday, foreign shareholders withdrew from the project as a result.
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Russia's oil exports to countries like India increased significantly, making up 40% of its sales during that year. In contrast, China receives around 45-50% of Russia's oil, a share that has grown significantly over time. Moreover, the oil exports to countries outside of Russia, such as Europe, have significantly decreased.
Source: www.ntv.de
