The announcement comes amid unprecedented Western sanctions on Russia over the invasion of Ukraine.
Russia says it has almost completely redirected its oil exports to China and India and its revenues are back at the same level as of 2021.
That’s according to Alexander Novak, the Deputy Prime Minister in charge of energy.
Novak says Russia, currently under a large number of Western sanctions for its offensive in Ukraine is now selling some 45-50% of its oil to China and a further 40% to India.
“If previously we supplied Europe with 40-45% of the total volume of exports of oil and oil products, we expect that this figure will not exceed 4-5% by the end of the year,” Novak explained in an interview with Russian television channel Rossiya 24.
“Many people want to buy Russian oil and oil products. These are Latin American countries, African countries and other countries in the Asia-Pacific region,” Novak claimed.
According to him, Russia’s oil and gas revenues will amount to nearly 9,000 billion rubles (around €88 billion) this year, or “roughly the level of 2021” – a time before the sanctions were put in place.
The hydrocarbon industry represents 27% of Russia’s GDP and their sale abroad accounts for about 57% of the country’s total exports, Novak added.