On January 27, 2024, data from the General Administration of Customs of China showed that Russia's oil exports to China exceeded 100 million tons for the first time in 2023, reaching 10.7 billion tons, a year-on-year increase of 24%. This makes Russia China's largest oil country, surpassing other major countries such as Saudi Arabia and Iraq.
In 2023, the average unit price of China's imports from Russia** is 598$4 tons, down 166%。Despite a 24% increase in imports, only 35%, which shows that China has succeeded in buying more oil from Russia while reducing costs.
Moreover, China seems to be acting smarter in response to the sweeping sanctions imposed by Western countries on Russia. In the case of sanctions on Russian oil, India has become a second-tier oil dealer, buying cheap oil from Russia, processing it and selling it to Europe. The deal forced EU member states to pay more for Russian oil from India, providing China with a more competitive offer.
China has successfully coped with US and EU sanctions against Russia through oil deals with Russia, maintaining a stable energy source**. It also shows China's flexibility and autonomy in the global political and economic landscape.