Are Sanctions Hurting Russia?
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Share of Asian countries in Russiaâs foreign trade reach almost 70% â Customs Service
In this trade turnover, China is growing very actively, trade with India is growing at the fastest pace, acting head of the Federal Customs Service Ruslan Davydov noted
31 OCT, 15:08
Share of Asian countries in Russia’s foreign trade reach almost 70% — Customs Service
In this trade turnover, China is growing very actively, trade with India is growing at the fastest pace, acting head of the Federal Customs Service Ruslan Davydov noted
MOSCOW, October 31. /TASS/. The share of the European Union in the total volume of Russian foreign trade today is only 16%, while the share of Asian countries has grown to 70%, acting head of the Federal Customs Service Ruslan Davydov said at the plenary session of the International Customs Forum in Moscow.
"If in pre-crisis, pre-Covid times, the share of European Union countries in our trade was 50% or more, now this share has decreased to 16%, and the share of Asian countries, as we see here, has grown to almost 70% and continues to grow. In this trade turnover, China is growing very actively, trade with India is growing at the fastest pace. Trade turnover with Latin American countries is growing," he said.
Earlier, Davydov reported that the CIS countries now account for 14% of Russian foreign trade, and the EAEU countries account for 12%. At the same time, the volume of Russian trade with all CIS countries, except Moldova, is growing.
Petr
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Russia exports almost all its oil to China and India - Novak
By Vladimir Soldatkin and Olesya Astakhova
December 27, 2023
A bulk carrier sails near the crude oil terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022.
MOSCOW, Dec 27 (Reuters) - Almost all of Russia's oil exports this year have been shipped to China and India, Deputy Prime Minister Alexander Novak said on Wednesday, after Moscow responded to Western economic sanctions by quickly rerouting supplies away from Europe.
Russia has successfully circumvented sanctions on its oil and diverted flows from Europe to China and India, which together accounted for around 90% of its crude exports, Novak, who is in charge of the country's energy sector, told Rossiya-24 state TV.
He said that Russia had already started to forge ties with Asia-Pacific countries before the West introduced sanctions against Moscow following the start of the conflict in Ukraine in February 2022.
"As for those restrictions and embargoes on supplies to Europe and the U.S. that were introduced... this only accelerated the process of reorienting our energy flows," Novak said.
He said that Europe's share of Russia's crude exports has fallen to only about 4-5% from about 40-45%.
"The main partners in the current situation are China, whose share has grown to approximately 45-50%, and, of course, India... Earlier, there basically were no supplies to India; in two years, the total share of supplies to India has come to 40%," Novak said.
Speaking about the OPEC+ group of leading oil producers, Novak said Russia was sticking to its obligations on supply cuts and it saw the Brent oil price at $80-$85 per barrel next year, broadly in line with current levels.