OREANDA-NEWS  Russia has redirected to Asia about 20% of the oil previously supplied to European countries, Russian Deputy Prime Minister Alexander Novak said. According to him, after the sanctions were imposed in March 2022, Russia "within a month and a half" established new logistics chains and contacts with "friendly" countries, primarily in the Asia-Pacific region, Latin America and Africa.

"Those energy resources that were previously sent to Europe were largely redirected to new markets. If we talk about oil, we probably redirected about 20% of the volumes that were previously supplied to Europe to the markets of India, China, and other countries," Mr. Novak said at the Knowledge marathon (quoted by Interfax). The overall balance of supply and demand for oil, according to him, has not changed.

Speaking about gas, he noted that the volume of its supplies had been reduced. "If we talk about gas, we have reduced the volume of supplies here, some of them were also redirected to Asia, in particular, supplies to China increased by about 50% last year," the Deputy Prime Minister said. At the same time, Mr. Novak stressed that Europe has become more dependent on LNG imports.

"The Russian energy sector has proved its sustainability, and we have found new logistics routes," the Deputy Prime Minister concluded.

Since December 5, 2022, the ceiling for oil prices at $ 60 per barrel has been in effect, since February 5 — for oil products from Russia at $ 100 and $45 per barrel. The Ministry of Energy claims that Russia was able to redirect the volumes of oil and petroleum products supplies that fell due to the embargo of the European Union and the G7 countries. Against the background of the refusal of European countries from Russian oil, India and China began to buy most of it.