Russian oil supply to India rises 22-fold in 2022

Russia Deputy Prime Minister Alexander Novak said on Tuesday that oil imports to India surged 22-fold in 2022, adding that Russia needs to focus on boosting energy exports to friendly countries.

The energy revenues reached 42 percent of Russia’s federal budget last year, regardless the challenges faced by Russia’s energy industry due to Western sanctions, it remains sustainable, Novak added.

Brent crude futures fell 0.5 percent to $77.73 per barrel, while U.S. West Texas Intermediate (WTI) crude decreased by 0.19 percent to $72.67 per barrel, according to Reuters.

On March 15, the International Energy Agency (IEA) said that the Russian oil export revenues fell 42 percent in February as the West tightened its sanctions on Moscow following Ukraine’s war.