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Russia Completely Redirects All Oil Exports That Fell Under Embargo: Energy Minister

© Sputnik / Maksim BogodvidAn oil pumpjack is seen in Almetyevsk District, Tatarstan, Russia.
An oil pumpjack is seen in Almetyevsk District, Tatarstan, Russia.  - Sputnik International, 1920, 28.03.2023
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MOSCOW (Sputnik) - Russia has managed to completely redirect the entire volume of oil exports that fell under embargo by the West, there was no decrease in sales, Russian Energy Minister Nikolay Shulginov said on Tuesday.
"In connection with the sanctions, it is important not only to maintain the level of oil production and refining, but also the level of exports, and, accordingly, federal budget revenues ... For this, work is underway to reorient the supply of oil and oil products to the countries of Asia, Africa, Latin America and the Middle East. Today we already can state that we managed to completely redirect the entire volume of exports that fell under the embargo, there was no decrease in sales," Shulginov said at a meeting of the Russian Ministry of Energy.
An oil pumpjack is seen in Almetyevsk District, Tatarstan, Russia.  - Sputnik International, 1920, 20.03.2023
Economy
G7 Countries Reportedly Have Little Interest in Revising Russian Oil Price Cap
After Russia began its military operation in Ukraine a year ago, Kiev's allies actively searched for ways to limit Moscow’s energy-related income, notably from oil and gas. The effort culminated in a $60 price cap imposed by the G7 member states and Australia on December 5.

In response to the price cap, Moscow banned the supply of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap, in a decree signed by Russian President Vladimir Putin in late December.
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