Russia’s oil sales to India soared by 22 times last year as supplies to Europe plunged due to the Ukraine war, Deputy Prime Minister Alexander Novak said on Tuesday. Energy resources that would normally go to Europe were redirected to markets of ‘friendly countries,’ Novak told news channel Rossiya 24. Oil exports to China jumped 8%, while coal exports increased by ‘bigger figures,’ he added. European countries have moved away from Russian energy as part of sanctions imposed over the Ukraine war, with Moscow shifting its focus to major consumers India and China. ‘Given that the Asian market is growing at a faster pace in terms of consumption, demand, and the economy in general, we are confident that our products will be in demand,’ said Novak. Despite the sanctions, the energy sector was profitable in 2022 and its revenues accounted for 42% of Russia’s federal budget, he said. Novak said more sanctions could not be ruled out, which is why Moscow is trying to build a system that is free of Western influence. The current priorities are reorientation of energy supplies, setting up a tanker fleet, and insurance tools, he added. Another ‘key task’ is liquified natural gas (LNG) production, he said, adding that Moscow is pursuing several related projects and an ambitious goal of ramping up output to at least 100 million tons by 2030.
Source: Anadolu Agency