Russia could redirect $37 billion in exports to friendly countries

Russia could redirect the export of its goods to friendly countries worth $37 billion, the Russian International Affairs Council (RIAC) said in its report.

The report noted there are 15 countries among the major alternative markets where Russia can redirect its goods. These countries can buy a large list of commodities, such as minerals, metals, nuclear reactors, seafood and paper.

The bulk of exports will go to China ($16 billion). After China, albeit with a large gap, the top five potential buyers of Russian products include India, Turkey, Egypt and Vietnam. Trade with these countries can bring in about $2-4 billion to the budget annually.

The volume of Russian exports to friendly or neutral countries in January-November 2022 rose from 42% to 65%. Meanwhile, the sales to unfriendly countries decreased to 35% by November from 58% in early 2022.

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