China saved $27 billion on cheap Russian oil
China has saved approximately $27 billion thanks to discounts on Russian oil following the start of Russia’s full-scale invasion of Ukraine. This was stated by Rosneft CEO Igor Sechin.
Russia has significantly redirected its oil exports to China following the imposition of Western sanctions. Currently, Russian oil accounts for a record 27% of China’s imports, and annual shipments have exceeded 100 million metric tons. In the first seven months of 2026, China received about 67 million metric tons.
At the end of August, Russian Urals crude was selling in ports at a discount of $26–27 per barrel compared to Brent.
According to Sechin’s estimate, China’s total savings amount to 2.3 trillion rubles—approximately $27 billion. This is equivalent to one and a half years’ worth of the Moscow Region’s budget.
Meanwhile, India, the second-largest buyer of Russian oil, saved about $12.6 billion in discounts between 2022 and 2025.
Source: The Moscow Times.
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