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Russia’s Oil and Fuel Exports to Europe Drop to 5%, China and India Emerge as Main Importers

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According to Alexander Novak, Russia’s Deputy Prime Minister for Energy, Russia anticipates that its oil and petroleum product exports to Europe will constitute a maximum of 4 to 5 percent of total shipments in 2023. 

This marks a significant decrease from previous years.

“Previously, we delivered between 40 to 45 percent of our oil and petroleum products to Europe. This year, however, we expect that figure to not exceed 4 to 5 percent of our total exports,” Novak stated in an interview with the TASS news agency.

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He explained that China and India have become the primary destinations for Russia’s oil exports. Notably, about 45 to 50 percent of exports are now destined for China, and there’s been a substantial increase in exports to India.

“Earlier, we hardly exported to India, but over the past two years, the total share of our exports to India has risen to around 40 percent,” concluded Novak.

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