Russia has redirected approximately 20% of the oil that was previously supplied to European countries to Asian markets, Kommersant reports.
This move was revealed by Deputy Prime Minister of Russia, Alexander Novak, who stated that Russia will establish new logistics chains with "friendly" countries in the Asia-Pacific region, Latin America, and Africa after the introduction of sanctions in March 2022.
Novak clarified that the general balance of oil supply and demand has remained unchanged, but the volume of gas supply has decreased. He also highlighted that Europe has become increasingly dependent on LNG imports. Novak concluded that the Russian energy industry has demonstrated its stability and has successfully found new logistics directions.
The G7 countries have decided to maintain the previously established price limit for Russian oil at $60 per barrel.
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