MOSCOW, July 29 Russia managed to redirect its oil exports to new markets without losing revenue after the EU embargo thanks to the efforts of the management of Russian oil companies and the foresight of the initiators of the sanctions, the chief energy director of the direction of the Institute of Energy and Finance (IEF) Alexey Gromov.
The first sectoral sanctions by the US and the EU were introduced 10 years ago, in July 2014, and affected the financial and energy sectors, as well as the supply of technology and equipment for oil production on the Arctic shelf, deep-water fields and in shale projects. A new wave of restrictions hit the industry in 2022, when the EU imposed a ban on oil supplies from Russia, while simultaneously setting a maximum price for Russian oil transported by sea to third countries at $60 per barrel.
«We must give credit to two components: of course, the efforts of the management of Russian oil companies and the foresight of the initiators of the sanctions themselves, paradoxical as it may be,» Alexey Gromov, an expert from the Institute of Energy and Finance, said in an interview for the 10th anniversary of the first sanctions.
The EU embargo on supplies of Russian oil and petroleum products was introduced with a delay of 6 and 8 months, respectively, so Russian companies had a time lag to rebuild supply logistics and find new markets, Gromov explained.
“And our companies coped with this task brilliantly,” the agency’s interlocutor emphasized, noting that supplies from the European market were largely redirected to the Indian market.
«If the sanctions — the oil embargo and the price ceiling — had come into force immediately as soon as they were announced, then this would have been a critical option for Russia. In this situation, companies would have been restructuring exports on the fly and losing income,» he stated Gromov. 
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