Half of the oil and petroleum Russia exported in 2023 went to China, while India’s share rose in two years to 40 percent. Russian Deputy Prime Minister Alexander Novak said in a statement published today.
Russia’s oil partners
“The main partners in the current situation are China, whose share has grown to approximately 45-50 percent, and, of course, India. Earlier, there basically were no supplies to India. In two years, the total share of supplies to India has come to 40 percent,” Novak said. He also stated that Europe’s share of Russia’s crude oil exports has fallen to only about 4-5 percent from about 40-45 percent.
Budget deficit in Russia
Earlier, data revealed that Russia’s oil and gas revenues in the budget continued their downward trend during 2023. The Russian Ministry of Finance expected that the budget deficit for 2023 would reach about 2.9 trillion rubles ($31.6 billion), or about 1.5 percent of the gross domestic product (GDP).
Russian Minister of Finance Anton Siluanov stated that expenditures and revenues exceeded expectations, but the balance between them remained as expected.
UAE-Russia discussions
Earlier, H.E. Sheikh Mohammed bin Zayed Al Nahyan, president of the UAE, discussed with Russian President Vladimir Putin the strengthening of bilateral relations between the UAE and Russia.
In a post on his X (previously Twitter) account, he stated “I discussed with President Vladimir Putin the ties between our two nations, and the importance of strengthening dialogue and cooperation to ensure stability and progress.”
Read: Global trade forecasted to decline by $1.5 trn in 2023: UNCTAD
Russia’s largest partner
Al Nahyan stressed that “the UAE will continue to support efforts aimed at enabling global growth, prosperity and development for all.”
For his part, Putin stressed, during his talks with the UAE’s president that the Emirates is Russia’s largest partner in the Arab world.
President Putin praised the role the UAE plays in international forums, especially in the UN Security Council, to stabilize the situation around the world.
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