Russian oil export – changes from 2022
The reason for this is that Russia has redirected the export of raw material to other parts of the world and countries, and above all to China and India. In the case of the first of them, the import of raw material from Russia increased by 26 percent, and in the case of the second with astronomical 111 percent.
It was no different in the case of other regions and countries. African countries increased the import of oil from Russia by about 100 percent. We observed the same scale of growth in Latin America and Turkey. On the other side is the EU, which reduced oil imports from the largest European country by as much as 87 percent. In the case of Asian OECD countries, it fell by approx. 50 percent. In the case of the USA and Great Britain, it decreased by 100 percent.
Decrease in Russia’s budget revenues
The EU imposed sanctions on Russian hydrocarbons in the year of the invasion of Ukraine by Russia. Several countries were released from the embargo, which were most dependent on the raw material from the east, which is why Russian oil continued to flow to Europe in 2023 – writes the statista.
That Russia has largely maintained the volume of exports, Does not mean that her revenues from raw material exports have not dropped. Media reports show that the price of oil for China and Russia is much lower than for former recipients from Europe.
Imports of Russian oil to China and India
In July 2024, India imported an average of 2.07 million barrels of oil per day from Russia, which accounted for 44 percent. complete import of oil to India this month. For comparison, in 2021 Russian oil accounted for only 2 percent. Annual import of India. At the same time, China imported about 1.76 million barrels of oil a day from Russia.
