Russia plans to sell 80% of oil to 'friendly' countries in 2023

EU set to propose fresh sanctions on Moscow tech and vehicles

Russia plans to sell more than 80 per cent 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 per cent 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 sanctions and a G7 price cap. 

EU’s new plans

The European Union (EU) is set to propose a new package of sanctions to further restrict Moscow’s ability to support its war machine, according to sources.

The measures will include extensive new export bans on a number of products, technologies and components that have been identified in Russian weapons deployed in Ukraine, said the sources.

EU’s executive arm, the European Commission, is planning to also propose export measures aimed at heavy vehicles — including trucks and machines — as well as possible import restrictions on Russian rubber and asphalt.

EU’s embargo drop Russia’s exports

Russia’s seaborne oil product exports fell about 10 per cent from February 1-12 from the same period in January due to the EU’s embargo, the lack of available tankers and the closure of ports due to storms, traders said and Refinitiv data showed.

Vysotsk loadings stood at 330,000 tonnes of fuel compared with 440,000 tonnes in the same period last month. St Petersburg has loaded only 50 per cent of volumes in the same period of January - 150,000 tonnes during 1-12 February, Refinitiv data showed.