In 2023, Russia redirected 78% of its oil exports to India and China, in sharp contrast to 32% in 2021. This was in response to Western sanctions aimed at weakening the country's energy sector. Deliveries to India increased 18-fold in two years, while China increased its imports to 107 million tons in 2023.
This reorientation was necessary due to restrictions imposed by Western payment systems, forcing Russia to develop alternative trade mechanisms with its Asian allies. At the same time, BRICS countries are working on creating new payment systems for energy resources, as evidenced by the recent agreement between Saudi Arabia and China to sell oil for yuan.
