Oil exports from Russia increased by 12% in 2022

According to Deputy Prime Minister Alexander Novak, Russian oil exports grew by 12% in the first five months of 2022, as demand persists, despite Western sanctions reducing oil exports to Europe.

He added that the increase is linked to lower refining volumes and the reconfiguration of refineries in Russia.

Sanctions against Russia include a US oil import ban and the EU gradually introducing an embargo on most oil imports. This will lead to a drop of 2.3 million b/d of Russian crude imports, and 1.2 million b/d of product imports to Europe in eight months.

From April 1, Russian countersanctions include a stipulation that European consumers should now use a ruble payment mechanism to purchase Russian gas. Several countries have been cut off for refusal to comply with the new rules.