Russia may increase oil exports due to sanctions

Russia may be able to increase crude oil exports if oil refineries have to cut productions after the EU banned the import of Russian petroleum products, Deputy Prime Minister Alexander Novak said in an interview with TASS.

Deputy Prime Minister Alexander Novak. Pavel Bednyakov / RIA Novosti

If Russia faces difficulties with exporting refined products, such exports can to some extent be replaced by additional volumes of oil exports, the official explained.

On the other hand, the EU sanctions might not affect Russian oil refining at all, Alexander Novak added.

The European Union banned Russian seaborne crude oil imports from December 5 and refined oil products from February 5 as part of its sixth sanctions package.

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