Did China and India Stop Buying Oil from Russia?
Published: May 25, 2026
In recent years, questions like “did China and India stop buying oil from Russia” have gained traction amid global energy shifts and geopolitical tensions. The short answer is no—both nations continue to import substantial volumes of Russian crude oil. This trend stems from discounted prices, surging energy demands, and strategic diversification away from traditional suppliers. Understanding this dynamic requires examining trade data, sanctions impacts, and economic motivations.
What Is the Current Status of Oil Imports from Russia to China and India?
China and India have not halted their purchases; in fact, they remain Russia’s largest oil buyers. As of mid-2024, China imported around 2.2 million barrels per day (bpd) from Russia, accounting for over 20% of its total crude imports. India followed closely with approximately 1.8 million bpd, representing more than 35% of its imports. These figures surpass pre-2022 levels, driven by Russia’s pivot to Asian markets after Western sanctions.
Trade data from sources like Vortexa and Kpler show monthly shipments consistently high. For instance, in July 2024, tanker loadings from Russian ports to these countries exceeded 5 million bpd combined. This stability debunks rumors suggesting a full stop, though minor fluctuations occur due to pricing or logistics.
Why Did China and India Ramp Up Russian Oil Purchases Initially?
The surge began after Russia’s 2022 invasion of Ukraine prompted EU and US bans on Russian oil. Europe reduced imports from 2.5 million bpd to under 0.5 million bpd, creating a surplus that Russia sold at discounts—often $10–20 below Brent crude benchmarks. China and India capitalized on this, securing cheaper energy for their refineries.
China’s state-owned giants like Sinopec and PetroChina adapted quickly, while India’s private refiners such as Reliance Industries processed discounted Urals and ESPO grades. This shift lowered import costs: India’s average oil price fell by about 10% in 2023 compared to 2021, aiding economic growth amid post-pandemic recovery.
How Have Western Sanctions Influenced This Trade?
Sanctions targeted Russian oil with a $60-per-barrel price cap enforced via G7 mechanisms, but China and India largely ignored it. They use non-Western shipping, insurance, and payment systems to bypass restrictions. “Shadow fleets” of older tankers, often reflagged, transport over 70% of Russia’s seaborne oil exports.
Despite enforcement efforts—like US Treasury actions against 100+ vessels—compliance is low. Russia complies with the cap only for G7-insured ships (about 20% of exports). China and India prioritize economics over politics, viewing sanctions as a Western issue. This has sustained flows, with Russia earning over $100 billion from oil sales to these buyers since 2022.
Are There Any Recent Signs That China or India Might Reduce Purchases?
While “did China and India stop buying oil from Russia” remains a no, some moderation has appeared. In early 2024, India’s imports dipped 10% month-on-month due to higher Russian prices closing the discount gap. China’s volumes also softened amid ample Middle East supplies and domestic refinery maintenance.
However, these are tactical adjustments, not a stoppage. India’s oil minister stated in 2024 that purchases continue based on “commercial considerations.” Geopolitical risks, like potential US election impacts on sanctions, could influence future trends, but no abrupt halt is evident.
What Economic Factors Drive Continued Buying?
Both countries face booming energy needs: China’s oil demand hit 15 million bpd in 2023, India’s nears 5.5 million bpd and grows 5% annually. Russian oil fits perfectly—affordable, reliable via pipelines (ESPO to China) and sea routes.
Refining capabilities matter too. India’s plants handle high-sulfur Russian grades profitably, yielding products like diesel for export. Currency deals in rupees and yuan further ease trades, reducing dollar reliance. Long-term contracts ensure stability, making diversification gradual rather than a sudden stop.
What Challenges Could Lead to a Future Reduction?
Potential hurdles include tightening sanctions, rising global prices eroding discounts, or alternative suppliers ramping up—like Saudi Arabia or US shale. Environmental pressures grow too; both nations push renewables, but oil remains 30–40% of their energy mix.
Logistics risks, such as Red Sea disruptions, have forced longer routes, adding costs. Still, experts predict sustained imports through 2025, with Russia adapting via Arctic LNG and expanded Pacific ports.
How Does This Affect Global Oil Markets?
China and India’s buying absorbs Russia’s surplus, stabilizing prices below $90 per barrel despite OPEC+ cuts. It weakens sanction impacts, prolonging Russia’s war funding while challenging Western unity. For consumers, it means lower fuel costs in Asia, indirectly benefiting global supply chains.
Long-term, this accelerates a multipolar energy order, with Asia gaining leverage over producers like Russia.
In summary, no, China and India did not stop buying oil from Russia—they’ve deepened ties for mutual benefit. While pressures exist, economic pragmatism prevails. Monitoring trade data remains key for updates on whether this pattern endures.
People Also Ask
How much oil does China import from Russia monthly?
Typically 60–70 million barrels per month, varying with prices and demand.
Has India paid for Russian oil in rupees?
Yes, since 2022, using rupee-ruble mechanisms to sidestep SWIFT restrictions.
Will sanctions eventually force China and India to stop?
Unlikely soon; both prioritize energy security over geopolitical alignment.