Russian efforts to reroute its oil away from Europe succeeding CanadiansInvest
Despite sanctions and price caps, the world continues to use Russian crude. Sanctions have not succeeded in denting crude cash flow into the Russian kitty in any significant manner.
Russian Energy Minister Nikolai Shulginov told an energy forum in Moscow last Tuesday, “I can say today that we have managed to completely redirect the entire volume of exports affected by the embargo. There was no decrease in sales.” Ever since the sanctions were imposed on Russian crude exports, Moscow had been working to reroute its oil and oil product exports to Asia, Africa, Latin America, and the Middle East, away from its traditional markets in Europe. The efforts have succeeded.
Russian Deputy Prime Minister Alexander Novak said its oil sales to India jumped 22-fold last year. India is now the biggest buyer of Russia’s benchmark Urals grade crude. Deliveries to India in March were set to account for more than 50 per cent of all seaborne Urals exports, with China in second place, Reuters reported.
Novak added that Russia needed to focus on boosting energy exports to so-called “friendly” countries and would continue developing the insurance tools needed to support this trade.
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