Despite Western-led sanctions aimed at punishing Russia over its war in Ukraine, growing demand for Russian energy imports has helped keep the country’s besieged economy afloat.
China and India, Asia’s biggest and third-biggest economies, respectively, have been the biggest drivers of the trend.
How much has Chinese and Indian demand for Russian energy grown?
China and India, both of which have declined to condemn Russia or impose sanctions over the war, became the biggest buyers of Russian crude oil last year as Western countries restricted imports and imposed sanctions.
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China’s imports of Russian crude oil spiked 8 percent in 2022, the equivalent of 1.72 million barrels per day (bpd), according to Chinese customs data, making Russia the East Asian giant’s second-biggest supplier.
Kpler, a commodities market analysis firm, has estimated that China will import some 5.62 million bpd in February, beating the previous all-time high.