Novak: Russia redirected to Asia 20% of oil previously supplied to Europe

Russia was able to redirect to Asian markets about 20% of the volume of oil that used to go to Europe, informed Russian Deputy Prime Minister Alexander Novak at the Knowledge forum.

The Deputy Prime Minister noted that the energy industry was able to form new supply chains and conclude new contracts within a month and a half after the introduction of Western sanctions.

“Those energy resources that were previously directed to Europe … have been largely redirected to new markets. If we talk, for example, about oil, then we probably redirected about 20% of the volumes that were previously supplied to Europe to other markets – India, China, other countries,” he said.

At the same time, gas supplies to the EU decreased by a third, part of these volumes were transferred to China – deliveries through the Power of Siberia increased by 50% last year.

At the end of March, Deputy Prime Minister informedthat the export of Russian oil to India in 2022 increased by 22 times compared to 2021.

According to Chinese customs, according to the results of 2022, Russia took second place in terms of oil supplies to China, losing first place to Saudi Arabia. Last year, Russia supplied China with 86.25 million tons of oil, or 1.72 million barrels per day, which is 8.3% more than in 2021. Russia also increased LNG exports by 43.9% to 6.5 million tons .

Formerly Novak saidthat Russia will switch to national currencies when paying for energy resources and intends to abandon the dollar and the euro. He noted that settlements with China for gas and oil are already taking place in Chinese and Russian currencies.