Deputy PM: Russia to sell over 80% of oil to ‘friendly’ countries

An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia. (PHOTO / FILE / AP)

Russia plans to sell more than 80 percent 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 special military operation in Ukraine.

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

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

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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.