Msocow: As per Russian Deputy Prime Minister Aleksandr Novak, Russia plans to export more of its oil and petroleum products to "friendly" nations this year, increasing their proportion of the total amount of supplies sent abroad to 75-80%.

In a Monday article for the magazine Energy Policy, Novak stated that such countries "will not receive Russian oil." He added, "As for supplies to states that maintain illegitimate price restrictions, our position here is widely known and remains unchanged.

He mentioned that Russia produced 535.2 million tons of oil in 2022, which is 2% more than the year before. According to Novak, oil exports rose 7.6% to 242 million tons.

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The deputy PM also mentioned that a project was put into place last year to increase transportation via the important eastern port of Kozmino in order to reorient Russian oil supply toward friendly nations. Deliveries to the nations in the Asia-Pacific region increased to 42 million tons annually as a result.

As a result of the sanctions imposed by the West, Moscow has been diversifying its energy sources. The EU imposed a price cap of $100 per barrel on Russian diesel, jet fuel, and gasoline on February 5 and a cap of $45 per barrel on other oil products that trade below the crude price, such as fuel oil used in industry.

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The price caps are a part of a larger G7 agreement, along with an EU ban on importing Russian oil products. It comes after the G7, the EU, and Australia imposed a $60 per barrel cap on Russian crude on December 5.

Western businesses are not allowed to finance, insure, trade, broker, or transport cargoes of Russian crude and oil products unless they were purchased at or below the established price caps.

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Any efforts to limit the prices of its energy exports have been resisted by Moscow. A similar restriction is anticipated to be implemented in response to the EU's most recent cap on oil products. The Russian government has prohibited the sale of crude to buyers who include the price ceiling in their contracts.