Putin "gave" China another $2.2 billion through oil discounts
In 2025, Russian oil companies lost approximately $2.2 billion due to discounts they were forced to offer to Chinese refineries.
This is according to estimates by experts at the Gaidar Institute based on Chinese customs statistics.
According to their data, the amount of losses increased compared to 2024, when discounts totaled $1.45 billion. At the same time, in 2023 this figure was even higher—$3.85 billion—and in 2022—$4.44 billion.
Overall, over four years of oil supplies to China, Beijing saved nearly $12 billion thanks to discounts. This is equivalent to approximately one trillion rubles—an amount comparable to the annual budget of the Moscow Region.
Experts note that in 2025, the discount on Russian oil rose again. Following the tightening of U.S. sanctions and the addition of Rosneft and Lukoil to sanctions lists, prices for Russian oil in the fourth quarter were on average 8.3% lower than those of other suppliers.
For comparison, at the beginning of the year, discounts were around 3%, and throughout 2024, they did not exceed 5%.
Recall: Record-breaking oil price hikes: what’s happening, who stands to gain, and what to expect.
Additionally, the price of oil could rise to $200 per barrel due to geopolitical risks.
