Russian oil exports to India increase 22 times in 2022, says Moscow

Moscow is turning more to the giants of the Asian continent, in the face of Western sanctions since the start of the Russian invasion of Ukraine. Russian oil exports to India have been multiplied by 22 in 2022, Russian Deputy Prime Minister in charge of Energy, Alexander Novak, announced on Tuesday March 28.

“Most of our energy resources have been redirected to other markets, friendly country markets. If you take, for example, oil deliveries to India, they went up 22 times last year.”he said, without giving a quantified volume. “Deliveries to the People’s Republic of China and other markets have also increased. This is the result of the superb work done by the entire industry” oil, added Alexander Novak, quoted by the Russian press agencies.

Russia, targeted by heavy Western economic sanctions and embargoes on its hydrocarbons because of its offensive in Ukraine, is trying to redirect its oil and gas exports to other countries, particularly in Asia. India and China, major energy consumers, are at the forefront of the countries on which Moscow is counting to compensate for lost contracts in Europe.

A reliance on Asian heavyweights

In the fourth quarter of 2022, China, India and Turkey accounted for two-thirds of Russian crude exports, according to economists from the Association of Major Global Banks and Financial Institutions (IIF). These new outlets have allowed Russia to partly compensate for lost markets in Europe, but its dependence on Asian heavyweights allows China and India to negotiate lower prices.

Hence Russia’s strenuous efforts to broaden its horizons: on Tuesday, Alexander Novak thus underlined the urgency of reaching “new markets located in Asia-Pacific, Latin America, Central Asia”even citing “the arctic”.