China and India dominate Russian oil exports

Russian Deputy Prime Minister Alexander Novak said that half of Russia’s oil and petroleum exports in 2023 went to China, while India’s share in two years rose to 40%.

Novak, who is in charge of Russia’s energy sector, said that “the main partners in the current situation are China, whose share has risen to almost 45 to 50%, and of course India.”

“Russia has redirected its oil exports almost entirely to China and India and achieved revenues at a similar level for 2021. Previously, there were no supplies to India, and within two years, the total share of supplies to India had reached 40%,” he added.

Novak said Europe’s share of Russian crude exports had fallen to about four to five percent from about 40 to 45%.

“Many want to buy Russian oil and petroleum products; this is about Latin American, African, and other countries in the Asia-Pacific region,” Novak said.

He noted that Russia’s oil and gas revenues will amount to about 9,000 billion rubles (about 88 billion euros) this year, or “roughly the 2021 level,” before sanctions.