Russia Successfully Shifts Oil Exports To China And India Amid Western Sanctions: Deputy PM Novak

Russia has adeptly shifted the majority of its oil shipments to China and India, with Deputy Prime Minister Alexander Novak noting that nearly all of Russia's oil exports this year have been directed to these two Asian nations.

Around 90 per cent of Russia's crude exports are now reaching China and India, showcasing the resilience of the country's energy strategy amid geopolitical challenges.

Novak, who oversees Russia's energy sector, revealed that the country had already initiated ties with Asia-Pacific nations before facing sanctions from the west in response to the conflict in Ukraine.

The sanctions, instead of hindering Russia, expedited the reorientation of energy flows, significantly reducing Europe's share of Russia's crude exports from 40-45 per cent to a mere 4-5 per cent, as reported by Indian Express.

China's share has surged to approximately 45-50 per cent , while India's share has grown from negligible levels to 40 per cent in just two years.

Novak also expressed optimism about the Brent oil price, forecasting it to be in the range of $80-$85 per barrel in the coming year, aligning with current levels.

Meanwhile, the United States recently imposed sanctions on Arctic LNG 2, a liquefied natural gas project led by Russian company Novatek.

Despite these challenges, Novak announced that the project's first train has effectively begun producing LNG, with initial supplies expected in the first quarter of 2024.