China, India Top Buyers Of Russia's Oil Product Exports: Russian Deputy PM

China, India Top Buyers Of Russia's Oil Product Exports: Russian Deputy PM

Dec. 28, 2023, 7:22 a.m.

Russia's deputy prime minister says most of the country's oil and petroleum product exports are heading to China and India. The move is a major shift away from Europe since Moscow invaded Ukraine.

Alexander Novak made the comment in an interview aired Wednesday on Russian television.

He said China grew this year to account for about 45 to 50 percent of the purchases of the exports, which are Russia's main revenue source.

He also said Russia had made almost no shipments to India, but over the past two years, India's purchases of Russia's oil and petroleum products have risen to about 40 percent.

Novak said Europe used to account for 40 to 45 percent of those exports, but now he expects the figure to be no more than 4 to 5 percent.

The US Treasury Department has said Russian tax revenue from the exports was 32 percent lower between January and November this year compared to the same period last year. Trading prices for those products have fallen amid sanctions by the Group of Seven countries and others against Russia.

Observers are watching how the change in export destinations will influence the effects of the sanctions.

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