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Almost 90% of oil supplies to Europe redirected to other countries — Novak

"We directed the greater portion to the Asia-Pacific Region, to Africa, to Latin America - where energy resources are in demand at present," the official said

MOSCOW, September 27. /TASS/. Russia has managed to redirect 90% of oil supplies to Europe to other markets, Deputy Prime Minister Alexander Novak said in an interview with Rossiya 1 television on the sidelines of the Russian Energy Week.

"European countries introduced the ban on shipments of oil and petroleum products. Therefore, almost the entire volume supplied earlier was redirected to other destinations. Currently, more than 90% were redirected," Novak noted.

"We directed the greater portion to the Asia-Pacific Region, to Africa, to Latin America - where energy resources are in demand at present," the official added.

Russia has also converted 50% of payments for energy resources to currencies of friendly countries, Novak stressed.

"We are proactively moving to rubles in payments. I believe the ratio is approximately 50 to 50 there at present. Nevertheless, there is still a small portion left in dollars, euros, under remaining contracts for Europe. Still, the lion’s share of our settlements is in currencies of friendly nations thus far," the deputy prime minister added.

The 7th Russian Energy Week is being held with support of the Russian Government, the Russian Ministry of Energy and the Government of Moscow. The Roscongress Foundation is the event organizer. TASS is the information partner of the Russian Energy Week.

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Alexander Novak

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