Russia plans to sell more than 80% of its oil exports to what it calls “friendly” countries in 2023, Deputy Prime Minister Alexander Novak said on Monday, referring to countries that have not sanctioned Moscow over its invasion of Ukraine.

He added that these countries would also receive 75% of Russia’s refined oil products, and that Moscow continued to look for new markets.

Russia has stepped up discounted sales to China and India, in particular, since it was hit by Western sanctions and a G7 price cap designed to limit its ability to finance the war in Ukraine from oil revenues.

Novak also warned of uncertainty on global oil markets, saying Western countries from the OECD group, which includes the United States, Canada and Norway, could release their strategic oil reserves.
Source: Reuters (Writing by Caleb Davis; Editing by Mark Trevelyan)