- Amid sanctions over Ukraine war, Russia sells crude oil to Beijing at discounted prices.
- In February, countries had said that their friendship had “no limit”.
- Despite US sanctions on Tehran, China has continued to buy Iranian oil as well.
Russian oil imports to China rose by 55% making it the biggest supplier of oil in the country, the BBC reported.
Amid the sanctions over the Ukraine war, Russia sold crude to Beijing at discounted prices. This replaces Saudi Arabia as the biggest source of oil.
Even though the oil demands in China have been dampened due to COVID and a slowing economy, China has increased its purchase of Russian oil.
In February, the countries had said that their friendship had “no limit”.
The imports in China totaled almost 8.42 million tonnes just last month according to the Chinese General Administration of Customs.
Meanwhile, Saudi Arabia — which was previously the biggest crude oil provider for China — exported 7.82 million tonnes.
In March, the UK and US declared that they would ban Russian oil. The European Union started working on finding alternatives to the Russian source following the invasion of Ukraine.
The US president had said that by doing so, they were attacking the “main artery of Russia’s economy”.
Energy exports are important to Russia for revenue. However, the move affected Western consumers.
Despite a fall in exports in May, Russia earned nearly $100 billion in revenue through fossil fuel exports in the 100 days of its invasion of Ukraine, reported the Center for Research on Energy and Clean Air.
Per the report, 61% of these imports were from the European Union.
While the overall exports of Russian oil and gas are falling, revenues still exceed the cost of the war in Ukraine in the first 100 days.
Despite US sanctions on Tehran, China has continued to buy Iranian oil as well.
