Over the past three years, China and India have significantly increased their purchases of Russian oil, maintaining their status as key buyers of this energy resource. Data indicates that both countries have no intention of abandoning the import of Russian oil, despite pressure from the United States and potential trade restrictions.
This is reported by Business • Media
Increase in Oil Supplies to India
In 2024, the volume of Russian oil supplies to India reached a record 92.01 million tons, accounting for 38.1% of the country’s total oil imports. In comparison, in 2021, this figure was only 4.54 million tons (2.1%), and prior to that, Russia’s share did not exceed 2%. Over the past three years, import volumes have increased nearly 20-fold, making India one of the main partners of the Russian Federation in the oil sector. In monetary terms, purchases rose from $2.31 billion in 2021 to $52.72 billion in 2024 — nearly 23 times.
China Continues to Lead Among Importers
Since the 2010s, China has been the largest buyer of Russian oil. From 2015 to 2021, Russia’s share in China’s import structure remained at 12.6–15.5%. After 2022, Chinese imports increased from 86.25 million tons ($58.38 billion) in 2022 to 108.47 million tons ($62.59 billion) in 2024. Currently, 19.6% of China’s total oil imports come from Russian oil.
Both countries remain key markets for Russian oil. Despite pressure from U.S. President Donald Trump and announced trade tariffs, India and China have no intention of scaling back cooperation with Russia in this sector. In particular, India emphasizes that Western countries, including the U.S. and the EU, also continue economic interaction with Russia, and the purchase of Russian oil helps to stabilize prices for consumers.
“Russian oil helps ensure stable prices for consumers.”
In response to external pressure, China has not only refrained from reducing oil imports from Russia but has also decided to expand restrictions on the export of critically important minerals to Western countries. This could lead to disruptions in the production of weapons and defense systems in the U.S. and the EU. Thus, India and China demonstrate their independence in energy policy matters and remain major buyers of Russian energy resources.