Russia has redirected its oil exports from Europe to China and India, as the country seeks new buyers in the wake of Western sanctions imposed over the Ukraine conflict. Deputy Prime Minister Alexander Novak announced the shift on Wednesday, revealing that Russia's oil exports to Europe are expected to account for only 4-5% of total exports this year, down from the previous 40-45%.

The imposition of sanctions, including a European Union embargo on seaborne oil deliveries, severely impacted Russia's market share in Europe. In response, Moscow turned its focus to other partners, with China and India emerging as the main buyers.

Novak highlighted China's significant increase in oil imports from Russia, now accounting for 45-50% of oil exports. Meanwhile, India, which had previously received minimal shipments, has become a major buyer of Russian crude, with its share rising to about 40% in just two years.

Reports suggest that India has taken advantage of discounted crude from Russia, refining it and selling it to European customers. While these sales are legal, critics argue that they serve as a backdoor for Russian oil, undermining the impact of the sanctions.

In addition to oil, Russia has also had to find new markets for its natural gas exports, as Moscow reduced its gas deliveries to EU nations. Despite facing multiple sanctions in 2023, Novak stated that the Russian energy industry has successfully developed.

The deputy prime minister projected that Russian oil and gas revenues will reach nearly 9 trillion rubles ($98 billion) this year, similar to levels before the offensive in 2021. The oil and gas industry remains a significant contributor to Russia's economy, accounting for 27% of its gross domestic product and 57% of its export revenues, according to Novak.

Looking ahead, Novak expressed Russia's openness to other potential buyers, including Latin American countries, African countries, and those in the Asia-Pacific region.

The shift in Russia's oil exports highlights the country's resilience amid Western sanctions and its ability to adapt to new markets. With China and India becoming major partners in the current situation, Russia is gradually decreasing its reliance on European markets.

However, critics argue that these tactics undermine the effectiveness of sanctions and raise concerns about the potential long-term consequences for Russia's energy sector.

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