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The Silicon Review Asia

Russia is now the largest supplier of oil to China

Russia is now the largest supplier of oil to China

Energy exports are a significant source of revenue for Russia.

Russia has now become the largest supplier of oil to China. The country has sold discounted crude to Beijing amidst sanctions over the Ukraine war. Russia has replaced Saudi Arabia, which was earlier China's biggest provider of oil. China has ramped up oil purchases from Russia despite the war and the slumping economy. Chinese companies, including refining giant Sinopec and state-run Zhenhua Oil, have increased their purchases of Russian crude in the recent months after being offered heavy discounts as buyers in Europe and the US banned Russian energy in line with sanctions over its war on Ukraine.

The imports into China, such as oil pumped through the East Siberia Pacific Ocean pipeline and shipments by sea, totaled nearly 8.42m tonnes last month. This pushed Saudi Arabia - which was earlier China's biggest source of crude oil, into the second place with 7.82m tonnes. In March, the US and UK announced they would ban Russian oil, while the European Union also has been working towards ending its reliance on Russian gas as the West steps up the economic response to the invasion of Ukraine. India is also increasing its energy purchases from Russia. Energy exports are a significant source of revenue for Russia.


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