The EU sanctions due to Russia’s war of aggression against Ukraine have led to a redirection of Russia’s oil exports: China and India are now the main buyers. Europe hardly plays a role anymore.
Russia says it has redirected almost all of its oil exports to China and India. The two most populous countries in the world are now responsible for the purchase of almost 90 percent of Russian oil exports.
45 to 50 percent of Russian oil exports alone are delivered to China, and another 40 percent to India, according to Alexander Nowak, the deputy prime minister responsible for energy.
Only four to five percent to Europe
Europe’s role as an importer of Russian oil, on the other hand, is becoming ever smaller. “While we previously supplied 40 to 45 percent of the export volume of petroleum and petroleum products to Europe, we expect that this number will not exceed four or five percent by the end of the year,” said Nowak.
Last year, the EU states imposed sanctions on Russia for the energy sector because of its war against Ukraine. An oil embargo was imposed, which only provides exceptions for EU member states that are particularly dependent on Russian supplies due to their geographical location.
“Indian” oil for Europe?
India, for example, had previously received almost no supplies from Russia. According to media reports, the country was able to obtain discounted crude oil from Russia, refine it and sell it to European customers. Although these purchases are legal, critics say they circumvent Western sanctions.
According to Deputy Prime Minister Nowak, Russia generated revenue of the equivalent of around 88 billion euros from its oil exports in 2023. This means that the income would be at a comparable level to that in 2021, said the politician. According to Nowak, the oil and gas industry accounts for 27 percent of Russia’s gross domestic product and 57 percent of the country’s export revenue.
Gas exports to China also increased
Russia’s gas exports to China also increased last year. The Russian gas company Gazprom said a few weeks ago that it expects gas deliveries to China to increase from 15.5 to 22 billion cubic meters this year.
The EU states continue to receive Russian gas via some smaller pipelines, but above all via liquefied natural gas, LNG. Around half of Russian LNG exports currently end up in EU countries.