After the European Union imposed an embargo on imports of petroleum products from Russia on February 5, 2023, fuel and fuel exports from the Russian Federation not only decreased compared to 2022, but even increased by 100 thousand barrels per day. This was stated during an interview aif.ru Igor Yushkov, expert at the Financial University of the Government of the Russian Federation.
According to the data of the International Energy Agency, Russia sold an average of 2.6 million barrels of oil products per day in foreign markets in 2023. This roughly corresponds to the 2021 pre-crisis level.
Yushkov announced that Moscow was using an “antidote” called “redirection of supplies.” After the loss of the largest sales market in the European Union, which previously accounted for 40-45% of Russia’s exports of gasoline, diesel fuel, fuel oil and kerosene, the main buyers became India, China, Brazil and some other countries. .
The expert emphasized that we are talking mainly about the supply of diesel fuel. Reorientation made it possible not only to compensate for European sanctions, but also to preserve Russia’s income in this segment by increasing total exports of oil products.
Before this India was known to have a record augmented Oil purchase from Russia
Previously in the Kremlin appreciated The consequences of the pressure imposed by US sanctions on Russian partners.
What are you thinking?
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.