In the past three years, India and China have significantly increased their oil imports from the Russian Federation, becoming key markets for the export of Russian energy resources. Last year, India imported a record 92.01 million tons of oil, accounting for 38.1% of the country’s total imports. In comparison, in 2021, this figure was only 4.54 million tons or 2.1%, and prior to that, the share of Russian oil in Indian imports did not exceed 2%.
This is reported by Finway
India Increases Purchases of Russian Oil Despite Western Pressure
From 2021 to 2023, India nearly increased its imports of Russian oil by 20 times, making it one of the largest buyers of this resource. In monetary terms, the volume of purchases grew by 22.8 times: from $2.31 billion in 2021 to $52.72 billion in 2024. India does not plan to reduce its purchases, even in the face of pressure from U.S. President Donald Trump regarding the imposition of tariffs. The country emphasizes that Russian oil helps maintain stable prices for consumers, while Western countries, including the U.S. and the EU, continue to cooperate with the Russian Federation.
China Shows Steady Growth in Imports of Russian Oil
China has remained one of the largest buyers of Russian oil since the 2010s. From 2015 to 2021, the share of Russia in China’s total oil imports was maintained at 12.6-15.5%. However, after 2022, import volumes increased: from 86.25 million tons (worth $58.38 billion) in 2022 to 108.47 million tons (worth $62.59 billion) in 2024. Today, nearly one-fifth (19.6%) of all oil imports in China come from Russian supplies.
Thus, India and China are two key markets for Russian oil exports, and despite the pressure from U.S. President Donald Trump and threats to impose tariffs, they do not intend to abandon Russian resources.
In response to pressure from Washington, Beijing has not only refrained from reducing purchases but has also imposed additional 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, both countries demonstrate a commitment to maintaining cooperation with Russia in the energy sector, despite external pressure and geopolitical challenges.