China’s crude oil imports from Russia hit a new high in May, according to customs figures released on Monday, as Beijing speeds up its purchases of oil at reduced rates in the wake of Western sanctions against Russia for its invasion of Ukraine.
According to the statistics, China’s imports of Russian oil touched a new high of 8.42 million metric tons in May, up 55 percent over the previous month.
As a result of the increase in imports, Russia has surpassed Saudi Arabia as China’s leading oil supplier.
China’s total imports from Russia increased by 80% year on year to $10.3 billion in May, according to customs figures.
“Apart from oil, Beijing’s purchases of Russian liquefied natural gas increased 54 percent year on year to 397,000 tonnes in May, despite overall fuel imports falling,” the media said on Monday.
The new data comes as a result of the conflict in Ukraine, with consumers in the United States and Europe reducing or vowing to completely stop purchasing Russian energy in the coming months.
Instead, it blames the United States and the North Atlantic Treaty Organization (NATO) for inciting the conflict in Ukraine.
According to a media report released last week, half of Russian oil delivered by ship is now headed for Asia, primarily China and India.
In reality, China intends to increase its energy purchases from Russia.
According to official media, China National Petroleum Corporation deputy general manager Huang Yongzhang conducted a video call with Russia’s Gazprom vice-president on Thursday, during which the two inked a technical agreement on a Russia-China Far East Gas Supply project to expand energy cooperation.
According to statistics released by the General Administration of Customs and quoted by the media, “China’s imports of energy products from Russia reached 334.29 billion yuan in 2021, a year-on-year increase of 47.4 percent, accounting for 65.3 percent of China’s total imports from Russia that year.”
S Jaishankar, India’s foreign affairs minister, dismissed criticism of New Delhi’s move to buy cheap Russian oil earlier this month, with one argument being that it was softening the impact of Western sanctions on Moscow.
“If Europe manages to avoid devastating economic consequences, that freedom or option should be available to others as well.” “No political messaging should be associated to this,” Jaishankar said at the GLOBSEC 2022 Forum in Bratislava. “India is not sending people out’ saying go purchase Russian oil,’ but rather buy the finest oil on the market.”
Given its long-standing political and security relations with Moscow, New Delhi has not criticised Russia, instead calling for an end to the conflict in Ukraine.
