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Energy Ministry: Russia has fully redirected oil export volumes dropped due to embargo

Photo by Ivan on Unsplash

He said this at the final meeting of the collegium of the agency.

“We are working hard to reorient the supply of oil and petroleum products to Asia, Africa, Latin America and the Middle East. Already today we can say that we have managed to fully redirect the entire volume of exports, which fell out due to the embargo, there has been no reduction in sales,” he was quoted as saying by RIA News.

Earlier Russian Deputy Prime Minister Alexander Novak said that oil supplies from the country to India increased 22 times last year.

Russian leader Vladimir Putin also said that Russia had managed to compensate for the closure of Western markets for it and expanded trade contacts with the states of the fast-growing regions of the world.

Artem Deyev, head of the analytical department of AMarkets, in a conversation with FAN estimated the potential to increase the volume of Russian oil trade with such countries and regions as South Korea, Vietnam, South America and Africa.

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