Russia officials said Tuesday that sanctions packages adopted by the US and Western allies have failed to restrict its crude oil shipments. They say Russia has redirected virtually all of its volumes to “friendly” nations in other parts of the world.
"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," Russian Energy Minister Nikolai Shulginov said at an energy forum on Tuesday.Rather, he said, Russia had been working to reroute its crude oil and refined products to buyers in Asia, Africa, Latin America, and the Middle East rather than the European Union, which had purchased more than half of its crude oil prior to its war in Ukraine.
In 2022, he said, energy revenue accounted for 42% of Russia's federal budget, compared to just 36% in 2021. India also accounted for more than 50% of Russian seaborne Urals-grade crude exports for the month of March, followed by China. The remarks come as the U.S. led the charge for a G-7-backed oil price cap coalition aimed at limiting Moscow’s oil revenue.
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