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Russia claims to have redirected oil affected by Western embargo

by Vladimir Soldatkin and Olesya Astakhova

MOSCOW (Reuters) – Russia has said it has successfully redirected to “friendly” countries all of its crude oil exports affected by Western sanctions over Ukraine, Energy Minister Nikolai Shulginov said on Tuesday, while backing a decline in oil and gas production this year.

The West imposed sweeping sanctions, including an embargo on Russian oil imports by sea, after Moscow sent its armed forces to Ukraine in February 2022.

“I can say today that we have succeeded in redirecting the entire volume of exports affected by the embargo. There has been no drop in sales,” the minister told a forum on the energy.

He reiterated that Russian oil and gas production is expected to decline in 2023 due to Western restrictions and lack of European buyers.

Speaking at the same event, Alexander Dyoukov, chief executive of Russian oil major Gazprom Neft, said 2023 would be tougher than 2022 and sanctions pressure would intensify.

In March, India was the largest buyer of Russian Urals-grade crude oil. Deliveries to India are expected to account for more than 50% of all Urals seaborne exports this month, with China coming in second.

Deputy Prime Minister Alexander Novak said Russian oil sales to India increased 22-fold in the past year, but he did not specify the volume.

The Deputy Prime Minister indicated that energy revenues accounted for 42% of Russia’s federal budget in 2022, up from 36% in 2021. He said Russia’s energy industry was sustainable, despite the challenge of Western sanctions.

(Reporting Reuters; French version Nathan Vifflin, editing by Kate Entringer)

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