Russia says oil sales to India surged amid war in Ukraine
Alexander Novak, Russia’s deputy prime minister, said Russian oil sales to India jumped 22-fold in 2022 amid sanctions against Moscow over its invasion of Ukraine.
Last year, as European countries sought to end their dependence on Russian energy supplies and imposed sanctions on Moscow, Russia has shifted its oil exports to India and China.
Novak said that Russia’s energy exports were “redirected” to the “markets of friendly countries,” adding that energy revenues accounted for 42% of Russia’s federal budget in 2022.
He said Russia’s energy industry was sustainable despite the challenges faced by Western sanctions.
India had previously exported large quantities of its oil from Africa and rarely bought Russian oil due to high transport costs.
But last year refiners in India became Moscow’s key oil clients as Russia reportedly offered discounted rates. According to the Indian newspaper The Economic Times, India received 1.72 million bpd of Russian oil just last month.