Vladimir Putin’s regime has been targeted by Western sanctions since the invasion of Ukraine in February 2022.
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Russia says it is sanctions-proof. The country has almost completely redirected its oil exports to China and India, earning revenues at a level comparable to that of 2021, its Deputy Prime Minister of Energy, Alexandre Novak, announced on Wednesday, December 27. According to him, Russia now sells 45 to 50% of its oil to China and 40% to India. A boon for the country, targeted by a multitude of Western sanctions due to its offensive in Ukraine.
“If previously we supplied Europe with 40-45% of the total volume of exports of oil and oil products, we expect that this figure will not exceed 4-5% by the end of the year”explained Alexandre Novak in an interview with the Russian television channel Rossia 24. “The Russian energy and oil complex successfully developed in 2023”he assured.
Concerning natural gas, the regime announced that the gigantic Arctic LNG 2 project (of which the TotalEnergies group remains a stakeholder) had started despite American sanctions which jeopardized its launch. Russia, which currently produces 8% of the world’s liquefied natural gas, plans to reach a share of 15 or even 20% by 2035, or a production level of around 100 million tonnes per year, the Russian minister said. Energy.
