Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia’s deputy prime minister said Tuesday.
Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on Russian energy supplies after Moscow sent troops into neighbouring Ukraine.
The EU imposed an embargo on seaborne Russian oil in December alongside a price cap on Russia crude that was agreed with the Group of Seven industrialised powers.
The shift has meant cheaper Russia energy imports for China and India.
