Russia reroutes oil exports hit by embargo

Russia has successfully redirected all its crude oil exports affected by Western sanctions, Russian Energy Minister Nikolai Shulginov said.

"I can say today that we have managed to completely redirect the entire volume of exports affected by the embargo. There was no decrease in sales," Shulginov told an energy forum.

Shulginov reiterated that Russian oil and gas production was expected to decline in 2023, but Moscow had been working to reroute its oil and oil product exports to Asia, Africa, Latin America and the Middle East from its traditional markets in Europe.

India was the biggest buyer of Russia’s benchmark Urals grade crude in March. Deliveries to India are set to account for more than 50% of all seaborne Urals exports this month, with China in second place.