11 Oct 2023 15:31

Putin: Russia has tapped new oil markets by expanding tanker fleet, creating insurance mechanisms

MOSCOW. Oct 11 (Interfax) - Russia has reoriented oil supplies to new markets in a short time by expanding its own tanker fleet and creating alternative payment and insurance mechanisms, Russian President Vladimir Putin said during the plenary session of Russian Energy Week.

"Thanks to the actions of companies and authorities, the tanker fleet has been expanded, new mechanisms of payments, insurance and reinsurance of our cargoes have been created. As a result, in a short period of time we managed to switch oil supplies to the fast-growing and promising markets of the world - the South and the East," Putin said.

He noted that to increase supplies to the countries of the Asia-Pacific region, Africa and Latin America, the government has prepared a plan to develop export infrastructure. "I ask my colleagues to be as responsible as possible in implementing this plan," the Russian president said.

Putin recalled that sanctions against Russian oil "have made a mess of the global energy market." According to him, such measures have affected the entire global economy.