Russia's Oil Exports to India Surge 22 Times Year-on-Year

Adjusting Supply Sources to Avoid Western Sanctions

Russia's oil exports to India surged 22-fold compared to the previous year.

On the 28th (local time), according to foreign media including Sputnik News, Russian Deputy Prime Minister Aleksandr Novak announced this during a meeting of the Ministry of Energy.

Deputy Prime Minister Novak stated, "Most of our energy resources have been redirected to friendly countries and other markets," adding, "Despite Western sanctions, the energy sector remains sustainable, with energy sector revenues accounting for 42% of Russia's total budget last year."

He emphasized that Russia must produce at least 100 million tons of liquefied natural gas (LNG) by 2030.

Energy Minister Nikolai Shulginov said that there was no decrease in sales as a result of completely changing the direction of oil exports subject to Western sanctions. He added that efforts are underway to adjust supply destinations to countries in Asia, Africa, Latin America, and the Middle East.

Previously, following the invasion of Ukraine last year and sanctions from the United States and the European Union (EU), Russia increased its energy exports to countries such as China and India. Russia has already surpassed Saudi Arabia to become China's largest oil supplier. Last year, Russia's oil exports to China increased by 24% compared to the previous year.

However, Minister Shulginov forecasted that oil and gas production would decline this year. He also expressed concern that Russia's major energy infrastructure is exposed to the risk of drone attacks from Ukraine. He stated that they are addressing this issue in cooperation with the Russian Ministry of Defense and the Federal Security Service (FSB).

[Image source=Yonhap News]

This content was produced with the assistance of AI translation services.