“They [companies] are obviously searching for new directions, creating new supply chains. We see that there are clearly new buyers, as indicated by rising volumes to suppliers in different areas, including the Asia-Pacific region,” Novak told reporters without naming specific countries.

He also noted that issues with finding new partners are handled by the companies themselves.

On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian aggression. In response, the United States has banned the imports of Russian oil and has been urging its allies, including Europe, to do the same.

In April, the European Union agreed on the fifth package of Russian sanctions over Ukraine, which included a ban on access to EU ports for ships, including tankers, under the Russian flag. However, according to Die Welt, Russia was able to circumvent the ban with the help of Greek shipowners as 76 out of 190 tankers at four Russian oil terminals were carrying the Greek flag in April.

Last week, the European Commission President Ursula von der Leyen presented the sixth package of sanctions that suggests banning Russian oil imports.