China is increasing its overall crude oil imports, reducing its purchases from Russia. In the first half of 2025, Beijing bought 11% less Russian oil in physical terms year-on-year, and its cost decreased by 24% (-$8.0 billion). This happened against the backdrop of growing discounts on Russian oil compared to international benchmarks. The reduction in Russian supplies was not caused by a decrease in demand in China - purchases from other suppliers in physical terms increased by 4.5%. As a result of the change in trade flows, Russia's share of oil imports to China fell to 17.5% - the lowest figure in two years. Coal exports from Russia to China decreased by 4%, LNG supplies fell by 18%, and petroleum products - by 27%. China does not publish data on pipeline gas imports since the beginning of 2022, but data on the value of imports suggests that the volume of supplies via Power of Siberia has increased by 20% year-on-year.
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1August 19, 2025 628 2
