The volume of Russian oil supplies to China in January-May increased by 11% year-on-year to 46.7 million tonnes, the TASS news agency reported citing data from China’s General Administration of Customs.
In May, Russian leader Vladimir Putin and Chinese President Xi Jinping signed a joint statement on deepening the partnership in Beijing. The parties agreed to further strengthen the Russian-Chinese strategic partnership in the energy sector.
The value of fuel supplied from Russia to China from January to May 2024 was $27.8bn, up 21% year-on-year. Oil accounts for half of the value of all Russian exports to the PRC.
In 2024, Russia remains the largest supplier of oil to the PRC, followed by Saudi Arabia (33.6 million tonnes for $21.1bn) and Iraq (26.2 million tonnes for $15.6bn). At the same time in May oil supplies from Russia to China decreased by 4% compared to April – to 8.91 million tonnes.
The volume of trade between Russia and China from January to May reached $68.5 million (+6.1 year-on-year). China supplied $29.6m worth of goods to Russia (+1.1%), imports from Russia totalled $38.8m (+10.3%).
Earlier, the Chinese newspaper Global Times wrote that the West’s attempts to increase sanctions pressure on Russia and China will not succeed. In her opinion, Beijing is determined to protect its interests, and Russian-Chinese relations show great potential.