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    Chinese Oil Imports from Russia Reach Record Levels

    Growing economic ties between China and Russia despite Western criticism

    Marcus Stuart (MS)May 8, 2025


    China is increasingly relying on Russian oil and has replaced Saudi Arabia as the most important supplier. Last month, Chinese oil imports from Russia reached a new high of 9.71 million tons. This represents an increase of over 32.4 percent compared to the previous month. Private Chinese refineries in particular are increasingly turning to lower-cost Russian crude oil. Russia has thus replaced Saudi Arabia as the main supplier to China. India has also become a major buyer of Russian oil.

    However, Russia's revenues from oil sales are falling. Last May, total revenues amounted to $13.3 billion, down $1.4 billion from April. Compared to a year ago, Russia recorded a 36 percent decline. China and India account for more than half of Russia's total shipments.

    In addition to oil shipments, trade between China and Russia is also growing steadily. Last year, the volume of trade between the two countries reached a record high of $190 billion. In May of this year, the flow of goods already amounted to $20.5 billion. Heads of state Xi Jinping and Vladimir Putin have set a goal of increasing the trade volume to 200 billion U.S. dollars by 2023.

    Despite the sanctions, the Russian economy is proving more resilient than expected. Gross domestic product (GDP) is expected to shrink by only 0.8 percent this year, compared with previous forecasts of a 4.0 percent decline. Next year, moderate growth of 0.9 percent is expected. The more positive development is due to more favorable energy prices and higher government spending. Nevertheless, high budget deficits point to upcoming challenges as the Ukraine war and sanctions show their effects.

    China and India are opening alternative trade routes and markets for Russia, mitigating the impact of Western sanctions and supporting the Russian economy. Asian economic powers thus play an important role for Russia in times of geopolitical tensions and sanctions.

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