ST. PETERSBURG, June 6. /TASS/. Having refused direct purchases of Russian oil, the United Kingdom is now buying petroleum products refined from it in Asia-Pacific countries, Russian Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum (SPIEF-2026).

"When things became difficult for them, when market faces shortages and they lack gasoline and diesel fuel, they forgot about principles and about Russia supposedly being bad. They said: let’s buy it again. <...> The point is that they want to buy petroleum products made from oil that we supply to Asia-Pacific region, to India for example. And then buy petroleum products refined from our oil from there," Novak said.

He stressed that after sanctions were introduced, Russia redirected supplies to friendly countries — China, India, and Africa — and is not experiencing problems with sales. "Russian oil and Russian petroleum products remain in very high demand on markets," deputy prime minister added.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.