Russian oil sales to India increased 22-fold last year.

 According to Russia, oil sales to India increased 22-fold last year after the Ukraine conflict.

 

According to the deputy prime minister of Russia, Russian oil exports to India increased more than 22-fold last year as European consumers looked to other markets in the wake of the turmoil in Ukraine. In remarks reported by Russian news agencies on Tuesday, Alexander Novak claimed that "the majority of our energy resources were shifted to other markets, to the markets of friendly countries." He stated, "If we take oil shipments to India as an example, they surged 22 times last year.

 

The European Union countries sought to reduce their dependency on Russian energy supplies last year after Moscow moved soldiers into neighboring Ukraine. As a result, Russia switched its oil exports to India and China. In conjunction with a price restriction on Russian crude that was agreed upon with the Group of Seven industrialized states, the EU implemented an embargo on seaborne Russian oil in December. The change has resulted in "friendly" nations like China and India being able to import Russian energy at lower prices.

 

In reaction to the Western sanctions, Russia, a significant producer and important ally of the OPEC oil cartel, reduced crude production by 500,000 barrels per day this month. The 5 percent daily production output reduction, which Novak announced last week, will persist through June.

 

He claimed that the action was a response to Western sanctions against Russia's oil sector, which aim to reduce Moscow's capacity to fund its armed forces.

The International Energy Agency said this month that compared to February of last year, Russia's oil export revenues fell by about half.

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