Page 24 - RusRPTMar23

Examining Russia’s trade between June - September, 2022, we see that China, India, and Turkey made up more than half of crude oil exports— up from onethird in 2021. The share of G7 is down from 53% to 41% (Figures 10 and 11). In 2021, top destinations of Russian exports (by dollar value) included: China, Netherlands, Germany, Turkey, the US, the UK and South Korea. During the first three quarters of 2022, the top buyers list included China, Turkey (which moved up to the second position), Netherlands, Germany, Italy and India. From among the top ten 2021-exporters, only the US and the UK have significantly scaled back their purchases from Russia when measured in dollar values.
With regards to the US sanctions,128 we can observe that from March 2022 (immediately after Russia’s full-fledged invasion of Ukraine) to September 2022, Russia received about $7 bln less from the US for its exports, compared to the corresponding period in 2021. This is to a large degree due to the fast implementation of the oil embargo by the US. During the same period, we also see a $2.5 bln decline in US exports to Russia.
Netherlands, Italy, and France are the European states whose purchases from Russia in dollar value have meaningfully increased in 2022. This could be explained by the high energy prices, as well due to the delayed EU oil embargo that only came into effect in December 2022.
24 RUSSIA Country Report March 2023 www.intellinews.com