Russia’s energy exports to the Asia Pacific region now account for almost half of its total energy exports, exceeding a target to increase them to a third, TASS news agency reported on Friday, citing the country’s Accounting Chamber.

Russia has strengthened political and economic ties with the region, especially China and India, against the background of a deep crisis in relations with Western countries triggered by what Moscow calls a special military operation in Ukraine.

TASS said the Asia Pacific region accounted for 49.29% of total energy exports and that the task had been to reach the level of 33%. The news agency did not specify a period.

India bought 60% of all Russian Urals oil exports in June with strong demand from all refiners, while shipments to China dropped to just 7% as independent refiners slowed buying, trading sources and Refinitiv Eikon data showed this week.

Russian energy exports to Europe have dropped sharply due to an embargo on sea-borne Russian oil supplies and price caps as well as the explosions which damaged Nord Stream natural gas pipelines last September.

The European Union accounted for almost half of Russia’s oil exports at the beginning of 2022. EU figures show Russia’s seaborne crude oil exports to the EU fell by almost 70% (1.4 million barrels per day) between February and November 2022.

Russian natural gas pipelines operated only to Europe until 2019, when Russia began supplying China via the Power of Siberia pipeline.
Source: Reuters (Reporting by Vladimir Soldatkin; editing by Philippa Fletcher)