Russia's oil exports record massive decline in 2023: Deputy premier

By Sibel Morrow

Russia's exports of oil and petroleum products to Europe have declined from nearly 45% to 5% in 2023, Russian Deputy Prime Minister Alexander Novak said on Wednesday.

Novak told news channel Rossiya 24 that previously Russia supplied 40% to 50% of oil and petroleum products to Europe, but he said this year "we expect the figure not to exceed 4% or 5% of total exports."

China and India have now become major partners of Russia, with China's share totaling up to 50% and India's share of oil product trade rising from zero to about 40% over the past two years.

Russia announced that it would stop shipping oil to countries imposing a price cap and instead direct its exports to Asian markets, particularly China and India, at huge discounts.

The European Union and G7 countries banned seaborne crude exports from Russia on Dec. 5 last year and imposed a crude oil price cap of $60 per barrel.

On Feb. 5, a similar ban was imposed on refined petroleum products, with a price cap of $60 per barrel.