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| Russia's revenue from crude oil sales nearly doubled in the April-October period. (Source: Business Recorder) |
"The most difficult issues of last year have almost been resolved. First, payments and insurance. Then came sea transport by tankers," said Andrei Belousov.
The Russian Deputy Prime Minister also added that, if converted into value, Moscow's energy exports are equal to the level of 2021. This is beneficial for both the budget and businesses of this country.
"Russia continues to supply energy to friendly countries. However, supplies to unfriendly countries have decreased by 71.4% compared to 2021. The decrease with the European Union (EU) alone was 77.7%," Mr. Andrei Belousov emphasized.
Russia's Finance Ministry said Moscow's revenue from crude oil sales nearly doubled in the April-October period, despite international pressure and gloomy forecasts.
In October, Russia's net oil revenue reached $11.3 billion, accounting for 31% of net budget revenue that month.
Over the past year, Russia has been actively shifting energy sales from the West to Asia, making the most of its old fleet to transport crude. Moscow’s oil sanctions, especially the $60-a-barrel price ceiling, are also seen as increasingly ineffective.
* On December 18, during a meeting with Chinese Finance Minister Lan Fo'an, Russian Finance Minister Anton Siluanov said that in response to Western sanctions, Moscow has diversified its foreign trade, including energy supplies.
"The country is in the process of reorienting its export flows to friendly countries, primarily to China. Currently, Russian exports of goods to Asian countries reach almost 60%, while previously this figure was two times lower.
Imports of goods from China to Russia have also increased significantly, which is extremely important for us," said Anton Siluanov.
According to the Russian Finance Minister, Western currencies have been almost completely eliminated in Russia-China trade, as the countries have established the necessary financial infrastructure to settle transactions.
"In our trade, more than 90% of turnover is carried out in national currencies, in yuan and rubles. Bilateral trade between Russia and China is booming despite external pressure and fragmentation of the global economy," Minister Siluanov stressed.
According to China Customs data, Beijing's trade volume with Russia increased 26.7% in the first 11 months of 2023, reaching a record $218.17 billion.
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