Russia plans to sell more than 80 per cent of its oil exports to what it calls friendly countries in 2023, Deputy Prime Minister Alexander Novak said on Monday, describing countries that have not sanctioned Moscow over its intrusion of Ukraine. He added that these nations would likewise receive 75 percent of Russias fine-tuned oil items, which Moscow continued to look for brand-new markets. Russia has actually stepped up affordable sales to China and India, in specific, considering that it was hit by sanctions and a G7 rate cap.EUs brand-new plans The European Union (EU) is set to propose a new bundle of sanctions to even more restrict Moscows capability to support its war device, according to sources. The steps will consist of substantial brand-new export restrictions on a variety of products, technologies and parts that have actually been determined in Russian weapons deployed in Ukraine, stated the sources. EUs executive arm, the European Commission, is planning to likewise propose export procedures focused on heavy cars-- consisting of trucks and devices-- as well as possible import restrictions on Russian rubber and asphalt.EUs embargo drop Russias exports Russias seaborne oil item exports fell about 10 per cent from February 1-12 from the same period in January due to the EUs embargo, the absence of offered tankers and the closure of ports due to storms, traders said and Refinitiv information showed. Vysotsk loadings stood at 330,000 tonnes of fuel compared with 440,000 tonnes in the very same period last month.

St Petersburg has actually packed only 50 per cent of volumes in the same duration of January - 150,000 tonnes throughout 1-12 February, Refinitiv information revealed.(This story has actually not been edited by Business Standard staff and is auto-generated from a syndicated feed.)